This is #30 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 the remaining 11 are oscillators. These indicator values are calculated using 1 day candles.

You can find price analysis from previous days here.

Summary

Market

  • Markets saw a huge fall yesterday with the price hitting major support at 7900
  • Price at time of publishing: $7942
  • BTC’s market cap: $153 Billion

Trend analysis

BTCUSD saw a sharp drop from ~8.7K mark to 7900 stabilizing around that support value. 7900 has been a major support for some time. How price moves in the next couple of days will determine the general upcoming trend. For now, we will see choppiness.

  • Price should stabilize again at the current range.
  • ‘Moving average‘ indicators are indicating a downtrend. The price is below 20-EMA. We might see this continue to drop a bit more.
  • Oscillator‘ indicators are mixed, mostly all neutral, with a few pointing to sell

Moving Average Indicators

The MAs are still biased towards a market drop. Everything except the Ichimoku cloud is pointing towards sell.

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
0116
NameValueAction
Exponential Moving Average (5)8410.6Sell
Simple Moving Average (5)8622.35Sell
Exponential Moving Average (10)8647.51Sell
Simple Moving Average (10)8658.71Sell
Exponential Moving Average (20)8922.12Sell
Simple Moving Average (20)9021.15Sell
Exponential Moving Average (30)9030.89Sell
Simple Moving Average (30)9380.73Sell
Exponential Moving Average (50)9006.28Sell
Simple Moving Average (50)9276.46Sell
Exponential Moving Average (100)8808.32Sell
Simple Moving Average (100)8417.5Sell
Exponential Moving Average (200)8611.9Sell
Simple Moving Average (200)8676Sell
Ichimoku Cloud Base Line (9, 26, 52, 26)9103.1Neutral
Volume Weighted Moving Average (20)8953.36Sell
Hull Moving Average (9)8350.82Sell

Oscillator indicators

Oscillators are mostly neutral, with a slight bias towards sell opportunity. All are pointing to the fact that the price will continue to move around and we will see some stabilization around this number.

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
173
NameValueSide
Relative Strength Index (14)32.74Neutral
Stochastic %K (14, 3, 3)15.09Neutral
Commodity Channel Index (20)−156.80Neutral
Average Directional Index (14)24.37Neutral
Awesome Oscillator−726.68Sell
Momentum (10)−760.00Sell
MACD Level (12, 26)−285.69Sell
Stochastic RSI Fast (3, 3, 14, 14)15Neutral
Williams Percent Range (14)−87.15Buy
Bull Bear Power−1627.25Neutral
Ultimate Oscillator (7, 14, 28)37.6Neutral

Price Action

Most of the drop was triggered by large sudden transaction spaced out throughout the period. The bloodbath continued through the day just showing some signs of relief.


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