This is #18 of BTC/USD daily trend analysis, provided by Mudrex (nocode trading bot). This analysis is based on signals from 28 technical indicators, out of which 17 are moving averages and remaining 11 are oscillators. These indicators values are calculated using 1 day candles.

You can find the previous day’s analysis here.

Summary

Market

  • Yesterday marked BTC/USD pairs’s 5th largest hourly price drop in its history. A ~$1000 drop in under an hour. The only other time we’ve seen a greater dollar price drop was at Dec’2017 peak
  • Price at time of publishing: $9,615
  • BTC’s market cap: $175 Billion

Trend analysis

Bitcoin price trend is now neutral, indicating movement in no clear direction in recent past. Price has been confined between $10,500-$9,500 in Feb’20.
Momentum is still weak and there are no clear indication where the price is headed.
Indicators continue to represent the indecisiveness in the market and price is expected to continue the choppy behavior as it has shown over the last couple of weeks.

  • Neutral / Choppy
  • Short term ‘Moving average‘ indicators have again flipped to ‘sell’ side given the sudden movement yesterday
  • Oscillator‘ indicators remain neutral, with MACD indicating a sell opportunity

Moving Average Indicators

Overall trend has been become neutral now given the choppy price action this month. After the recent downward movement, all short term indicators have flipped to ‘sell’ side.

BuyNeutralSell
818
NameValueAction
Exponential Moving Average (5)9792.54Sell
Simple Moving Average (5)9807.85Sell
Exponential Moving Average (10)9860.06Sell
Simple Moving Average (10)10018.29Sell
Exponential Moving Average (20)9729.03Sell
Simple Moving Average (20)9823.22Sell
Exponential Moving Average (30)9514.66Buy
Simple Moving Average (30)9508.93Buy
Exponential Moving Average (50)9145.78Buy
Simple Moving Average (50)8974.80Buy
Exponential Moving Average (100)8762.33Buy
Simple Moving Average (100)8214.30Buy
Exponential Moving Average (200)8548.15Buy
Simple Moving Average (200)8855.75Buy
Ichimoku Cloud Base Line (9, 26, 52, 26)9400.29Neutral
Volume Weighted Moving Average (20)9906.22Sell
Hull Moving Average (9)9677.44Sell

Oscillator indicators

Oscillators remain uncertain about the future price, indicating the lack of a clear momentum in the market.

BuyNeutralSell
182
NameValueAction
Relative Strength Index (14)50.61Neutral
Stochastic %K (14, 3, 3)42.45Neutral
Commodity Channel Index (20)−46.64Neutral
Average Directional Index (14)29.86Neutral
Awesome Oscillator384.86Neutral
Momentum (10)−244.95Sell
MACD Level (12, 26)249.65Sell
Stochastic RSI Fast (3, 3, 14, 14)12.59Neutral
Williams Percent Range (14)−73.55Neutral
Bull Bear Power−544.74Buy
Ultimate Oscillator (7, 14, 28)55.30Neutral

Price Action

BTC/USD continues to oscillate in $10,500-$9,500 range with no clear direction. Overall the volatility has been low in Feb’20.
If you are not a skilled trader or a long holder with strong convictions, market conditions like these can shake you out pretty easily. This usually happens time to time. Do not panic and stay focused.


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