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.
| Buy | Neutral | Sell |
| 1 | 1 | 15 |
| Name | Value | Action |
|---|---|---|
| Exponential Moving Average (5) | 8086.35 | Sell |
| Simple Moving Average (5) | 8110.33 | Sell |
| Exponential Moving Average (10) | 8377.25 | Sell |
| Simple Moving Average (10) | 8519.89 | Sell |
| Exponential Moving Average (20) | 8724.25 | Sell |
| Simple Moving Average (20) | 8844.04 | Sell |
| Exponential Moving Average (30) | 8881.16 | Sell |
| Simple Moving Average (30) | 9235.29 | Sell |
| Exponential Moving Average (50) | 8916.00 | Sell |
| Simple Moving Average (50) | 9242.87 | Sell |
| Exponential Moving Average (100) | 8770.05 | Sell |
| Simple Moving Average (100) | 8427.13 | Sell |
| Exponential Moving Average (200) | 8596.47 | Sell |
| Simple Moving Average (200) | 8651.53 | Sell |
| Ichimoku Cloud Base Line (9, 26, 52, 26) | 8853.50 | Neutral |
| Volume Weighted Moving Average (20) | 8576.61 | Sell |
| Hull Moving Average (9) | 7622.84 | Buy |
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.
| Buy | Neutral | Sell |
| 2 | 7 | 2 |
| Name | Value | Action |
|---|---|---|
| Relative Strength Index (14) | 31.18 | Neutral |
| Stochastic %K (14, 3, 3) | 26.45 | Neutral |
| Commodity Channel Index (20) | −146.20 | Buy |
| Average Directional Index (14) | 28.69 | Neutral |
| Awesome Oscillator | −1127.89 | Sell |
| Momentum (10) | −732.20 | Buy |
| MACD Level (12, 26) | −370.51 | Sell |
| Stochastic RSI Fast (3, 3, 14, 14) | 0.00 | Neutral |
| Williams Percent Range (14) | −74.61 | Neutral |
| Bull Bear Power | −1454.64 | Neutral |
| Ultimate Oscillator (7, 14, 28) | 44.97 | Neutral |
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.
Note: This analysis can’t not predict price movement because of sudden volume dumps.
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