This is #25 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 indicator values are calculated using 1 day candles.

You can find price analysis from previous days here.

Summary

Market

  • As predicted, BTC price moved sideways in last couple of days
  • Price at time of publishing: $8,650
  • BTC’s market cap: $158 Billion

Trend analysis

From the last couple of days, Bitcoin price trend has confirmed a downtrend but the momentum is neutral, indicating indecisiveness where both bulls and bears have got similar hold on the market and there is no clear direction where the price will move in coming days. This is the time to be cautious.

  • Neutral / Choppy
  • Moving average‘ indicators are indicating a downtrend. Price is still above 100-dMA
  • Oscillator‘ indicators are mixed, with no clear direction. MACD continues to predict downward momentum with RSI moving towards the oversold zone

Moving Average Indicators

Price has hardly moved in last couple of days and the MAs are still signaling towards a downward movement (see the last analysis here). Bitcoin price has breached all major dMA levels. Hull MA (9) indicator is signaling a buy opportunity.

Definition:- Moving Average indicators are lagging indicators which help 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)8715.28Sell
Simple Moving Average (5)8646.38Buy
Exponential Moving Average (10)8965.60Sell
Simple Moving Average (10)9064.21Sell
Exponential Moving Average (20)9227.25Sell
Simple Moving Average (20)9512.70Sell
Exponential Moving Average (30)9259.44Sell
Simple Moving Average (30)9580.81Sell
Exponential Moving Average (50)9116.07Sell
Simple Moving Average (50)9278.54Sell
Exponential Moving Average (100)8827.42Sell
Simple Moving Average (100)8323.41Buy
Exponential Moving Average (200)8606.35Buy
Simple Moving Average (200)8735.86Sell
Ichimoku Cloud Base Line (9, 26, 52, 26)9463.61Neutral
Volume Weighted Moving Average (20)9550.39Sell
Hull Moving Average (9)8378.62Buy

Oscillator indicators

Oscillators are indicating a more ‘confused’ view than ever, clearly indicating choppy and sideways price movement.

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
353
NameValueAction
Relative Strength Index (14)38.36Neutral
Stochastic %K (14, 3, 3)8.21Neutral
Commodity Channel Index (20)−107.50Buy
Average Directional Index (14)26.20Neutral
Awesome Oscillator−897.98Sell
Momentum (10)−1039.82Sell
MACD Level (12, 26)−218.13Sell
Stochastic RSI Fast (3, 3, 14, 14)4.23Buy
Williams Percent Range (14)−86.65Buy
Bull Bear Power−974.06Neutral
Ultimate Oscillator (7, 14, 28)42.05Neutral

Price Action

BTC/USD price movement has mostly been sideways in last couple of day. Also, there are not been a case of sudden change in volume.

Downtrend expected to continue

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