This is #21 of BTC/USD daily trend 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 remaining 11 are oscillators. These indicators values are calculated using 1 day candles.

You can find price analysis from previous days here.

Summary

Market

  • As predicted, BTC price breached support at ~$9,500. 50-dMA was breached too
  • Price at time of publishing: $9,125
  • BTC’s market cap: $167 Billion

Trend analysis

Bitcoin price trend is now pointing down but the same is not supported by momentum, which still remains neutral, hence we can expect the price to move back up to ~$9,500 level in coming days.

  • Slight uptrend expected, negating the recent correction
  • Moving average‘ indicators are indicating a downtrend, specially the short term ones. 50-dMA was breached
  • Oscillator‘ indicators are mostly neutral. MACD continues to predict downward momentum. We are observing a bearish divergence RSI, which leads to correction in a overall bull market

Moving Average Indicators

MAs are signaling a downward movement. Bitcoin price has breached 50dMA mark.

Definition:- Moving Average indicators are lagging indicators which help us catch trends when they are beginning to take effective. Idea is to buy when the trend is moving up and sell when the trend is falling.

BuyNeutralSell
4112
NameValueAction
Exponential Moving Average (5)9454.24Sell
Simple Moving Average (5)9553.08Sell
Exponential Moving Average (10)9608.95Sell
Simple Moving Average (10)9656.93Sell
Exponential Moving Average (20)9643.93Sell
Simple Moving Average (20)9870.24Sell
Exponential Moving Average (30)9527.35Sell
Simple Moving Average (30)9714.52Sell
Exponential Moving Average (50)9234.81Sell
Simple Moving Average (50)9226.00Sell
Exponential Moving Average (100)8853.69Buy
Simple Moving Average (100)8278.95Buy
Exponential Moving Average (200)8607.88Buy
Simple Moving Average (200)8791.88Buy
Ichimoku Cloud Base Line (9, 26, 52, 26)9798.54Neutral
Volume Weighted Moving Average (20)9914.25Sell
Hull Moving Average (9)9403.73Sell

Oscillator indicators

Most of the oscillators continue to indicate a neutral momentum, i.e. no indication where the price is headed. Choppy and sideways movement is expected to continue.

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.

BuyNeutralSell
191
NameValueAction
Relative Strength Index (14)42.43Neutral
Stochastic %K (14, 3, 3)12.95Neutral
Commodity Channel Index (20)−186.93Neutral
Average Directional Index (14)21.94Neutral
Awesome Oscillator40.47Neutral
Momentum (10)−798.57Buy
MACD Level (12, 26)55.85Sell
Stochastic RSI Fast (3, 3, 14, 14)0.65Neutral
Williams Percent Range (14)−96.76Neutral
Bull Bear Power−834.78Neutral
Ultimate Oscillator (7, 14, 28)47.90Neutral

Price Action

BTC/USD saw a correction to price ~$9,100. The action was gradual with no major spikes in volume.


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