Mudrex Price Analysis #93 Bitcoin (BTC/USD) – 7th 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 continued consolidation
  • Price volatility was low. Market moved just ~2%, between $9.55k and $9.7k

Today’s Trend analysis

Price expected to trend down 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 and CCI are trending down. RSI is now below the midpoint 50 and CCI is below -100. All factors indicating that bulls have lost strength and bears are in control now. Overall, price is now expected to move downward.

BTCUSD 4hr price chart via tradingview

Oscillator indicators

Most of the oscillators are neutral with a strong bias towards sell side. 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)37.83Neutral
Stochastic %K (14, 3, 3)25.77Neutral
Commodity Channel Index (20)−206.06Neutral
Average Directional Index (14)13.06Neutral
Awesome Oscillator−55.02Sell
Momentum (10)−145.69Sell
MACD Level (12, 26)−16.92Sell
Stochastic RSI Fast (3, 3, 14, 14)8.28Neutral
Williams Percent Range (14)−76.36Neutral
Bull Bear Power−306.35Neutral
Ultimate Oscillator (7, 14, 28)48.04Neutral

Moving Average Indicators

Moving average (MA) indicator are mixed. Most short term MA are pointing towards a downtrend and long term MA are pointing towards an uptrend. Ichimoku Cloud is neutral and Hull MA is indicating a selling 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)9581.38Sell
Simple Moving Average (5)9611.32Sell
Exponential Moving Average (10)9620.21Sell
Simple Moving Average (10)9629.08Sell
Exponential Moving Average (20)9645.58Sell
Simple Moving Average (20)9683.99Sell
Exponential Moving Average (30)9641.97Sell
Simple Moving Average (30)9648.17Sell
Exponential Moving Average (50)9601.86Sell
Simple Moving Average (50)9653.39Sell
Exponential Moving Average (100)9486.49Sell
Simple Moving Average (100)9392.68Buy
Exponential Moving Average (200)9204.04Buy
Simple Moving Average (200)9373.89Buy
Ichimoku Cloud Base Line (9, 26, 52, 26)9622.00Neutral
Volume Weighted Moving Average (20)9698.82Sell
Hull Moving Average (9)9573.38Sell

Trade volume

Trade volume during 12PM candle yesterday was almost 2x the average trade volume.

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