Mudrex Price Analysis #86 Bitcoin (BTC/USD) – 27th 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.

Analysis Summary

Market in last 24 hrs
As predicted in the previous analysis, BTCUSD price moved up. Market moved ~6%, between $8.7k and $9.2k

Today’s Trend analysis
Price expected to move up today. Most of the Oscillator indicators are neutral. MACD histogram continues to be in positive zone. RSI and CCI are trending up, currently at 57 and 150, indicating that bulls are gaining strength and are in control. Interesting point to note is that the price is now at the upper Bollinger Band, hence price is not expected to move up drastically.

BTCUSD 4hr price chart via tradingview

Oscillator indicators

Most of the oscillators are neutral and some more have now flipped to indicate the same. Upward momentum has built up and as predicted yesterday, we saw a trend reversal. Price is expected to move up slightly.

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)58.95Neutral
Stochastic %K (14, 3, 3)79.67Neutral
Commodity Channel Index (20)170.66Neutral
Average Directional Index (14)30.71Neutral
Awesome Oscillator−61.59Neutral
Momentum (10)284.05Sell
MACD Level (12, 26)−42.12Buy
Stochastic RSI Fast (3, 3, 14, 14)95.10Neutral
Williams Percent Range (14)−7.62Neutral
Bull Bear Power451.80Neutral
Ultimate Oscillator (7, 14, 28)55.30Neutral

Moving Average Indicators

Most moving average (MA) indicator are pointing towards an uptrend. 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)9023.17Buy
Simple Moving Average (5)8971.22Buy
Exponential Moving Average (10)8957.40Buy
Simple Moving Average (10)8909.84Buy
Exponential Moving Average (20)8964.40Buy
Simple Moving Average (20)8900.61Buy
Exponential Moving Average (30)9013.04Buy
Simple Moving Average (30)9004.13Buy
Exponential Moving Average (50)9097.56Buy
Simple Moving Average (50)9171.58Buy
Exponential Moving Average (100)9119.05Buy
Simple Moving Average (100)9244.76Sell
Exponential Moving Average (200)8829.19Buy
Simple Moving Average (200)8948.76Buy
Ichimoku Cloud Base Line (9, 26, 52, 26)8970.46Neutral
Volume Weighted Moving Average (20)8904.09Buy
Hull Moving Average (9)9079.11Buy

Trade volume

We did observe a slight increase in trade volume in last 24 hours. Uptrend is expected to continue.

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