Mudrex Price Analysis #80 Bitcoin (BTC/USD) – 20th 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

  • As predicted in yesterday’s analysis, BTCUSD price consolidated. Both bulls and bears tried to gain control, but none succeeded. Market moved ~1.5%, between $9.6k and $9.8k
  • Price at time of publishing: $9,770
  • BTC’s market cap: $180 Billion

Today’s Trend analysis

Price should continue sideways trend today. Oscillators are mostly neutral. MACD histogram is in negative zone but RSI is at 57 and CCI at 70, both higher compared to yesterday. Overall neither bulls nor bears have enough strength to drive the market up or down.

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)9677.90Buy
Simple Moving Average (5)9642.64Buy
Exponential Moving Average (10)9666.07Buy
Simple Moving Average (10)9671.00Buy
Exponential Moving Average (20)9619.93Buy
Simple Moving Average (20)9626.17Buy
Exponential Moving Average (30)9563.01Buy
Simple Moving Average (30)9579.08Buy
Exponential Moving Average (50)9457.83Buy
Simple Moving Average (50)9374.34Buy
Exponential Moving Average (100)9179.98Buy
Simple Moving Average (100)9278.75Buy
Exponential Moving Average (200)8662.14Buy
Simple Moving Average (200)8468.29Buy
Ichimoku Cloud Base Line (9, 26, 52, 26)9539.06Neutral
Volume Weighted Moving Average (20)9684.71Buy
Hull Moving Average (9)9684.58Buy

Oscillator indicators

Most of the oscillators are neutral, confirming that the overall trend remains neutral.

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)56.60Neutral
Stochastic %K (14, 3, 3)63.97Neutral
Commodity Channel Index (20)69.52Neutral
Average Directional Index (14)13.00Neutral
Awesome Oscillator151.38Buy
Momentum (10)58.40Sell
MACD Level (12, 26)72.79Sell
Stochastic RSI Fast (3, 3, 14, 14)61.89Neutral
Williams Percent Range (14)−27.30Neutral
Bull Bear Power87.38Neutral
Ultimate Oscillator (7, 14, 28)57.07Neutral


What the price charts say…

Yesterday’s movement did not see a significant shift 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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