This is #31 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

  • As predicted, Bitcoin is steady around the 7900 mark. Accumulation should continue.
  • Price at time of publishing: $7882
  • BTC’s market cap: $153 Billion

Trend analysis

In the aftermath of the blood bath on Sunday, Bitcoin seems to have stabilized around the major support at 7900. We are seeing a week bullish divergence emerge as oscillators, although still neutral, are moving towards their buy zone. The only concern is that this move is not supported by enough volume. For now, we will see choppiness.

  • The price should be stable at the current range.
  • ‘Moving average‘ indicators are indicating a downtrend. The price is below 20-EMA.
  • Oscillator‘ indicators are showing signs of bullish divergence and a recovery seems to be on the cards.

Moving Average Indicators

The MAs are still biased towards a market drop. Everything except the Ichimoku cloud is pointing towards sell. The good part is the gap between MAs and price is decreasing pointing towards stabilization.

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.

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

Although most oscillators are still pointing to neutral there are positive signs. We are seeing a week bullish divergence. come up. This is a good sign that the bears are running out of steam and a reversal is on the cards.

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

The price has been stable yesterday. Oscillation very close to the 7900 mark. Any attempts to break through have been squashed on both sides.

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