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.
| Buy | Neutral | Sell |
| 0 | 1 | 16 |
| Name | Value | Action |
| Exponential Moving Average (5) | 8410.6 | Sell |
| Simple Moving Average (5) | 8622.35 | Sell |
| Exponential Moving Average (10) | 8647.51 | Sell |
| Simple Moving Average (10) | 8658.71 | Sell |
| Exponential Moving Average (20) | 8922.12 | Sell |
| Simple Moving Average (20) | 9021.15 | Sell |
| Exponential Moving Average (30) | 9030.89 | Sell |
| Simple Moving Average (30) | 9380.73 | Sell |
| Exponential Moving Average (50) | 9006.28 | Sell |
| Simple Moving Average (50) | 9276.46 | Sell |
| Exponential Moving Average (100) | 8808.32 | Sell |
| Simple Moving Average (100) | 8417.5 | Sell |
| Exponential Moving Average (200) | 8611.9 | Sell |
| Simple Moving Average (200) | 8676 | Sell |
| Ichimoku Cloud Base Line (9, 26, 52, 26) | 9103.1 | Neutral |
| Volume Weighted Moving Average (20) | 8953.36 | Sell |
| Hull Moving Average (9) | 8350.82 | Sell |
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.
| Buy | Neutral | Sell |
| 1 | 7 | 3 |
| Name | Value | Side |
| Relative Strength Index (14) | 32.74 | Neutral |
| Stochastic %K (14, 3, 3) | 15.09 | Neutral |
| Commodity Channel Index (20) | −156.80 | Neutral |
| Average Directional Index (14) | 24.37 | Neutral |
| Awesome Oscillator | −726.68 | Sell |
| Momentum (10) | −760.00 | Sell |
| MACD Level (12, 26) | −285.69 | Sell |
| Stochastic RSI Fast (3, 3, 14, 14) | 15 | Neutral |
| Williams Percent Range (14) | −87.15 | Buy |
| Bull Bear Power | −1627.25 | Neutral |
| Ultimate Oscillator (7, 14, 28) | 37.6 | Neutral |
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.
About Mudrex
Mudrex platform helps traders build no-code algo trading bots using Technical analysis based indicators.
Mudrex Marketplace is collection of reviewed and verified funds created by professional traders on Mudrex. Traders create these funds using their trading bots. Individual investors can invest in them for a monthly fee and gain the benefits of passive investing!
Signup today: https://mudrex.com/
