Mudrex Price Analysis #77 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: $9,800
  • BTC’s market cap: $177 Billion

Today’s Trend analysis

Price should trend upward today. Oscillators are neutral with a bias towards ‘buy’ side. MACD is at 88, confirming upward trend. RSI is at 64 and CCI at 120, both confirming that the upward momentum is strong. To add to this, price is touching upper Bollinger Band, implying a possible break-out.
Another interesting point to notice is the impact of Halving-Hype on trade volume and price volatility of BTC and other Crypto tokens.

BTCUSD 4hr price chart via tradingview

Moving Average Indicators

Post upward movement is last 4hr candle, all moving average (MA) indicator are pointing 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

Some oscillator indicators have moved compared to yesterday, shifting the bias towards buy side. RSI is moving up fast.

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)63.60Neutral
Stochastic %K (14, 3, 3)73.21Neutral
Commodity Channel Index (20)119.30Neutral
Average Directional Index (14)14.77Neutral
Awesome Oscillator215.29Buy
Momentum (10)449.38Sell
MACD Level (12, 26)88.47Buy
Stochastic RSI Fast (3, 3, 14, 14)72.84Neutral
Williams Percent Range (14)−6.02Neutral
Bull Bear Power334.55Neutral
Ultimate Oscillator (7, 14, 28)60.63Neutral

What the price charts say…

Yesterday’s uptrend is not supported by strong increase in volume.
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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