Mudrex Price Analysis #88 Bitcoin (BTC/USD) – 29th 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 24hrs

  • As predicted in the previous analysis, BTCUSD price saw a trend reversal
  • Market moved ~5%, between $9.25k and $9.62k

Today’s Trend analysis

Price expected to move down today. Most of the Oscillator indicators are neutral. MACD histogram continues to be in positive zone but is trending down. RSI and CCI too are trending down, currently at 55 and 34. CCI crossed down 100. All factors indicating that bulls are loosing strength and bears are now in control. Price has bounced back from upper Bollinger Band. Overall, price is now expected to move down.

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)55.47Neutral
Stochastic %K (14, 3, 3)57.15Neutral
Commodity Channel Index (20)34.02Neutral
Average Directional Index (14)19.83Neutral
Awesome Oscillator62.15Buy
Momentum (10)−394.09Buy
MACD Level (12, 26)178.79Sell
Stochastic RSI Fast (3, 3, 14, 14)53.89Neutral
Williams Percent Range (14)−42.85Neutral
Bull Bear Power493.68Neutral
Ultimate Oscillator (7, 14, 28)54.47Neutral

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)9280.97Buy
Simple Moving Average (5)9185.08Buy
Exponential Moving Average (10)9237.02Buy
Simple Moving Average (10)9157.65Buy
Exponential Moving Average (20)9151.44Buy
Simple Moving Average (20)9234.23Buy
Exponential Moving Average (30)8976.60Buy
Simple Moving Average (30)9215.47Buy
Exponential Moving Average (50)8652.98Buy
Simple Moving Average (50)8428.75Buy
Exponential Moving Average (100)8324.05Buy
Simple Moving Average (100)7902.72Buy
Exponential Moving Average (200)8234.78Buy
Simple Moving Average (200)8053.80Buy
Ichimoku Cloud Base Line (9, 26, 52, 26)9091.50Neutral
Volume Weighted Moving Average (20)9161.47Buy
Hull Moving Average (9)9383.28Buy

Trade volume

We did observe a slight increase in trade volume in last 24 hours. Volume in last 4hr candle is back to average.

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