Mudrex Price Analysis #78 Bitcoin (BTC/USD) – 18th 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 consolidated. Both bulls and bears tried to gain control, but both failed. Market moved ~550 points, between $9.4k and $10k, just 40 short of $10k mark!
  • Price at time of publishing: $9,720
  • BTC’s market cap: $173 Billion

Today’s Trend analysis

Price should continue sideways trend today. Oscillators are mostly neutral. MACD is at 115. RSI is at 57 and CCI at 77, both moving lower compared to yesterday, confirming that bulls are loosing strength. To add to this, price bounced back from upper Bollinger Band.

BTCUSD 4hr price chart via tradingview

Moving Average Indicators

Most moving average (MA) indicator are still 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 selling 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)9708.82Buy
Simple Moving Average (5)9729.98Sell
Exponential Moving Average (10)9667.54Buy
Simple Moving Average (10)9684.42Buy
Exponential Moving Average (20)9579.03Buy
Simple Moving Average (20)9541.81Buy
Exponential Moving Average (30)9506.20Buy
Simple Moving Average (30)9540.92Buy
Exponential Moving Average (50)9393.42Buy
Simple Moving Average (50)9241.56Buy
Exponential Moving Average (100)9108.42Buy
Simple Moving Average (100)9227.26Buy
Exponential Moving Average (200)8590.10Buy
Simple Moving Average (200)8366.74Buy
Ichimoku Cloud Base Line (9, 26, 52, 26)9539.06Neutral
Volume Weighted Moving Average (20)9585.93Buy
Hull Moving Average (9)9738.68Sell

Oscillator indicators

None of the oscillator has flipped their positions compared to yesterday, but many have now moving towards neutral zone.

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)56.78Neutral
Stochastic %K (14, 3, 3)64.14Neutral
Commodity Channel Index (20)77.24Neutral
Average Directional Index (14)16.12Neutral
Awesome Oscillator261.14Neutral
Momentum (10)326.54Sell
MACD Level (12, 26)115.59Buy
Stochastic RSI Fast (3, 3, 14, 14)46.33Neutral
Williams Percent Range (14)−35.24Neutral
Bull Bear Power−5.19Buy
Ultimate Oscillator (7, 14, 28)59.53Neutral

What the price charts say…

Yesterday’s movement did not see a strong support by increase in trade volume.
Bitcoin halving has been 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 are advised to should be cautious.

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