This is #32 of BTCUSD 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 yesterday, Bitcoin price action is steady around ~$7,900
  • Price at time of publishing: $7,870
  • BTC’s market cap: $143 Billion

Trend analysis

BTC is holding support at ~$7,800. As we observed yesterday, price will continue moving sideways as oscillators are still neutral.

  • Sideways/Choppy
  • ‘Moving average‘ indicators are indicating a downtrend
  • Oscillator‘ indicators are neutral, but are moving towards their buy zone

Moving Average Indicators

The MAs are still biased towards a market drop and hence are indicating a sell opportunity. Everything except the Hull MA (9) 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
1115
NameValueAction
Exponential Moving Average (5)8086.35Sell
Simple Moving Average (5)8110.33Sell
Exponential Moving Average (10)8377.25Sell
Simple Moving Average (10)8519.89Sell
Exponential Moving Average (20)8724.25Sell
Simple Moving Average (20)8844.04Sell
Exponential Moving Average (30)8881.16Sell
Simple Moving Average (30)9235.29Sell
Exponential Moving Average (50)8916.00Sell
Simple Moving Average (50)9242.87Sell
Exponential Moving Average (100)8770.05Sell
Simple Moving Average (100)8427.13Sell
Exponential Moving Average (200)8596.47Sell
Simple Moving Average (200)8651.53Sell
Ichimoku Cloud Base Line (9, 26, 52, 26)8853.50Neutral
Volume Weighted Moving Average (20)8576.61Sell
Hull Moving Average (9)7622.84Buy

Oscillator indicators

Although most oscillators are still pointing to neutral, but there are positive ‘buy’ signs too. We are seeing a week bullish divergence come up. RSI might move to oversold soon. 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
272
NameValueAction
Relative Strength Index (14)31.18Neutral
Stochastic %K (14, 3, 3)26.45Neutral
Commodity Channel Index (20)−146.20Buy
Average Directional Index (14)28.69Neutral
Awesome Oscillator−1127.89Sell
Momentum (10)−732.20Buy
MACD Level (12, 26)−370.51Sell
Stochastic RSI Fast (3, 3, 14, 14)0.00Neutral
Williams Percent Range (14)−74.61Neutral
Bull Bear Power−1454.64Neutral
Ultimate Oscillator (7, 14, 28)44.97Neutral

Price Action

The price was stable yesterday, oscillating very close to the $7,850 mark. Any attempts to break-through have been squashed on both sides. Another interesting point to notice is the increase in trade volume in last couple of days.

This image has an empty alt attribute; its file name is image-3-1024x447.png
BTCUSD price chart via Tradingview

Note: This analysis can’t not predict price movement because of sudden volume dumps.


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