Mudrex Price Analysis #81 Bitcoin (BTC/USD) – 21st 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 moved down suddenly. Market moved ~7%, between $9.2k and $9.8k
  • Price at time of publishing: $9,350
  • BTC’s market cap: $172 Billion

Today’s Trend analysis

Price movement expected to be choppy today. Most of the Oscillator indicators are neutral. MACD histogram is in negative zone, RSI is trending down and is currently at 41 but CCI is already in oversold zone. To add to this, price is touching lower Bollinger Band. Overall, marketed conditions imply that the price movement is going to be choppy. Brace yourself!

BTCUSD 4hr price chart via tradingview

Moving Average Indicators

After yesterday’s fall, most moving average (MA) indicator are now pointing towards a downtrend. 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 sellibuying 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)9424.48Sell
Simple Moving Average (5)9430.70Sell
Exponential Moving Average (10)9493.22Sell
Simple Moving Average (10)9530.24Sell
Exponential Moving Average (20)9545.13Sell
Simple Moving Average (20)9598.33Sell
Exponential Moving Average (30)9541.25Sell
Simple Moving Average (30)9606.20Sell
Exponential Moving Average (50)9484.26Sell
Simple Moving Average (50)9540.79Sell
Exponential Moving Average (100)9251.15Buy
Simple Moving Average (100)9355.60Sell
Exponential Moving Average (200)8754.06Buy
Simple Moving Average (200)8604.72Buy
Ichimoku Cloud Base Line (9, 26, 52, 26)9533.06Neutral
Volume Weighted Moving Average (20)9583.13Sell
Hull Moving Average (9)9354.77Buy

Oscillator indicators

Most of the oscillators are neutral and are giving mixed signals. Momentum is building up and there are high chances that the price movement will be volatile.

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)41.25Neutral
Stochastic %K (14, 3, 3)36.00Neutral
Commodity Channel Index (20)−134.37Buy
Average Directional Index (14)21.31Neutral
Awesome Oscillator−133.72Sell
Momentum (10)−432.33Buy
MACD Level (12, 26)−35.31Sell
Stochastic RSI Fast (3, 3, 14, 14)3.16Neutral
Williams Percent Range (14)−68.24Neutral
Bull Bear Power−349.15Neutral
Ultimate Oscillator (7, 14, 28)51.75Neutral

What the price charts say…

Yesterday’s movement saw a sudden change in volume and price.
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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