Mudrex Price Analysis #91 Bitcoin (BTC/USD) – 3rd 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 saw a crazy and unexpected fall which was after the unexpected rise that happened day before yesterday
  • Price volatility was high. Market moved ~10%, between $9.27k and $10.2k during a single 4hr candle

Today’s Trend analysis

Price expected to show a weak downtrend today. Most of the Oscillator indicators are neutral but compared to yesterday some have now flipped to indicate a downtrend. MACD histogram continues to be in negative zone and MACD is trending down. RSI is trending sideways and is now below the midpoint 50. CCI is trending slightly upward, currently trending at -22, below the mid value of 0. All factors indicating that bulls are struggling to maintain control. Overall, price is now expected to move downward.

BTCUSD 4hr price chart via tradingview

Oscillator indicators

Most of the oscillators are neutral and some more have now flipped to indicate a downtrend. Price is expected to move downward.

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)49.72Neutral
Stochastic %K (14, 3, 3)34.74Neutral
Commodity Channel Index (20)−22.39Neutral
Average Directional Index (14)25.27Neutral
Awesome Oscillator−50.26Neutral
Momentum (10)−511.56Sell
MACD Level (12, 26)24.69Sell
Stochastic RSI Fast (3, 3, 14, 14)14.28Neutral
Williams Percent Range (14)−65.51Neutral
Bull Bear Power−105.73Buy
Ultimate Oscillator (7, 14, 28)62.38Neutral

Moving Average Indicators

Moving average (MA) indicator are mixed, some pointing towards an uptrend and other towards a downtrend. 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)9577.58Buy
Simple Moving Average (5)9550.47Buy
Exponential Moving Average (10)9610.43Sell
Simple Moving Average (10)9647.71Sell
Exponential Moving Average (20)9613.25Sell
Simple Moving Average (20)9646.92Sell
Exponential Moving Average (30)9576.32Buy
Simple Moving Average (30)9611.76Sell
Exponential Moving Average (50)9501.00Buy
Simple Moving Average (50)9448.24Buy
Exponential Moving Average (100)9376.45Buy
Simple Moving Average (100)9361.99Buy
Exponential Moving Average (200)9081.51Buy
Simple Moving Average (200)9280.53Buy
Ichimoku Cloud Base Line (9, 26, 52, 26)9782.47Neutral
Volume Weighted Moving Average (20)9756.48Sell
Hull Moving Average (9)9556.90Buy

Trade volume

Trade volume during 12PM candle yesterday was almost 4x the average value.

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