Mudrex Price Analysis #74 Bitcoin (BTC/USD) – 17th May 2020

This is BTCUSD daily price analysis, provided by Mudrex (automated crypto investing platform). This analysis is based on signals from 28 technical indicators, out of which 17 are moving averages and the remaining 11 are oscillators. These indicator values are calculated using 4 hr candles.

You can find price analysis from previous days here.


Market in last 24 hrs

  • BTCUSD price saw a gradual upward movement. Market moved ~550 points, between $9.2k and $9.8k
  • Price at time of publishing: $9,750
  • BTC’s market cap: $177 Billion

Today’s Trend analysis

Price should trend downwards today. Oscillators are neutral with a bias towards ‘sell’ side. MACD is at 140, far above 0. Both RSI and CCI are in over-bought zone, indicating that a downward momentum has built up.
Another interesting point to notice is the affect of Halving-Hype and the impact of the same on BTC and other Crypto tokens. We are observing an increased trade volume and price volatility.

BTCUSD 4hr price chart via tradingview

Moving Average Indicators

Post yesterday’s uptrend, all moving average (MA) indicator are point towards an uptrend. MA values have been spread over a huge range as volatility has been very high in past few weeks. Ichimoku Cloud is neutral and Hull MA is indicating a buying opportunity.

Definition:- Moving Average indicators are lagging indicators that help catch trends when they are beginning to take effect. The idea is to buy when the trend is moving up and sell when the trend is falling.

Exponential Moving Average (5)9537.08Buy
Simple Moving Average (5)9520.96Buy
Exponential Moving Average (10)9346.98Buy
Simple Moving Average (10)9275.13Buy
Exponential Moving Average (20)9188.54Buy
Simple Moving Average (20)9030.38Buy
Exponential Moving Average (30)9146.66Buy
Simple Moving Average (30)8978.77Buy
Exponential Moving Average (50)9090.93Buy
Simple Moving Average (50)9238.30Buy
Exponential Moving Average (100)8823.93Buy
Simple Moving Average (100)8958.44Buy
Exponential Moving Average (200)8325.59Buy
Simple Moving Average (200)8043.21Buy
Ichimoku Cloud Base Line (9, 26, 52, 26)9063.17Neutral
Volume Weighted Moving Average (20)9002.96Buy
Hull Moving Average (9)9736.85Buy

Oscillator indicators

Many oscillator indicators have moved compared to yesterday. We can expect high volatility.

Definition:- Oscillator indicators are based on market’s property that what goes up must come down. Reversion to the mean is one of the most fundamental properties of any market. Oscillators are predictive in nature, specifying future price momentum. RSI is above 50 and MACD is pointing towards a buy opportunity.

Relative Strength Index (14)70.38Sell
Stochastic %K (14, 3, 3)86.86Neutral
Commodity Channel Index (20)175.23Sell
Average Directional Index (14)27.08Neutral
Awesome Oscillator427.89Buy
Momentum (10)918.41Sell
MACD Level (12, 26)138.03Buy
Stochastic RSI Fast (3, 3, 14, 14)100.00Neutral
Williams Percent Range (14)−15.41Neutral
Bull Bear Power713.18Neutral
Ultimate Oscillator (7, 14, 28)67.45Neutral

What the price charts say…

Yesterday’s uptrend is not supported by strong increase in volume, hence we can expect a trend reversal today.
Halving is showing its impact on price volatility. There have been many unpredictable volume bumps, which coincide with drastic change in price. Bitcoin continues to be very volatile, hence investors should be cautious.

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