Mudrex Price Analysis #90 Bitcoin (BTC/USD) – 1st June 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

  • BTCUSD price consolidated
  • Price volatility was low. Market moved ~2%, between $9.37k and $9.63k

Today’s Trend analysis

Price expected to consolidate today. Most of the Oscillator indicators are neutral. MACD histogram continues to be in negative zone and MACD is trending down but RSI is now trending sideways and CCI is trending upward. RSI and CCI are currently at 57 and 54. All factors indicating that bulls and bears are struggling to gain control. Overall, price is now expected to move sideways.
Interesting point to notice is that Bollinger Bands are converging and trade volume is much lower than average. A breakout, in either direction is possible.

BTCUSD 4hr price chart via tradingview

Oscillator indicators

Most of the oscillators are neutral and some more have now flipped to indicate the same. Price is expected to move sideways.

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)57.11Neutral
Stochastic %K (14, 3, 3)46.56Neutral
Commodity Channel Index (20)53.53Neutral
Average Directional Index (14)26.28Neutral
Awesome Oscillator127.37Neutral
Momentum (10)−141.50Buy
MACD Level (12, 26)69.56Sell
Stochastic RSI Fast (3, 3, 14, 14)24.68Neutral
Williams Percent Range (14)−50.65Neutral
Bull Bear Power52.11Neutral
Ultimate Oscillator (7, 14, 28)51.78Neutral

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)9537.86Buy
Simple Moving Average (5)9525.30Buy
Exponential Moving Average (10)9530.73Buy
Simple Moving Average (10)9534.42Buy
Exponential Moving Average (20)9488.19Buy
Simple Moving Average (20)9511.85Buy
Exponential Moving Average (30)9435.99Buy
Simple Moving Average (30)9458.31Buy
Exponential Moving Average (50)9369.75Buy
Simple Moving Average (50)9234.47Buy
Exponential Moving Average (100)9278.79Buy
Simple Moving Average (100)9338.94Buy
Exponential Moving Average (200)8994.06Buy
Simple Moving Average (200)9219.35Buy
Ichimoku Cloud Base Line (9, 26, 52, 26)9432.03Neutral
Volume Weighted Moving Average (20)9526.93Buy
Hull Moving Average (9)9545.94Buy

Trade volume

Trade volume in few days has been lower than average (20). We can see a break-out soon.

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