This is #34 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, price is consolidating near $5,200
  • Price at time of publishing: $5,350
  • BTC’s market cap: $95 Billion

Trend analysis

We are entering consolidating region. Price should move in $4,500-$6,000 range for some time before we have strong forces to move it. Corona virus impact is still unpredictable.
Note: Below analysis would hold true if we do not encounter sudden jump in trade volume.

  • Weak bearish today
  • Moving average‘ indicators are unanimously indicating downtrend
  • Oscillator‘ indicators are mostly neutral, with slight bias towards sell opportunity

Moving Average Indicators

The MAs are biased towards the recent market drop and hence are indicating a sell opportunity. Only Hull MA (9) is pointing towards buy. The gap between MAs and price is huge, pointing towards a unstable market.

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
2114
NameValueAction
Exponential Moving Average (5)5433.57Sell
Simple Moving Average (5)5237.43Buy
Exponential Moving Average (10)6025.68Sell
Simple Moving Average (10)6040.83Sell
Exponential Moving Average (20)6977.50Sell
Simple Moving Average (20)7387.15Sell
Exponential Moving Average (30)7528.01Sell
Simple Moving Average (30)8100.67Sell
Exponential Moving Average (50)8020.37Sell
Simple Moving Average (50)8762.27Sell
Exponential Moving Average (100)8308.98Sell
Simple Moving Average (100)8274.96Sell
Exponential Moving Average (200)8367.54Sell
Simple Moving Average (200)8487.71Sell
Ichimoku Cloud Base Line (9, 26, 52, 26)6938.83Neutral
Volume Weighted Moving Average (20)6054.10Sell
Hull Moving Average (9)4938.91Buy

Oscillator indicators

Although most oscillators are still pointing to neutral, there are ‘sell’ signs too. RSI has move to oversold zone.

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
182
NameValueAction
Relative Strength Index (14)28.93Buy
Stochastic %K (14, 3, 3)25.60Neutral
Commodity Channel Index (20)−91.70Neutral
Average Directional Index (14)45.29Neutral
Awesome Oscillator−3106.81Neutral
Momentum (10)−2717.95Sell
MACD Level (12, 26)−1089.21Sell
Stochastic RSI Fast (3, 3, 14, 14)35.83Neutral
Williams Percent Range (14)−72.70Neutral
Bull Bear Power−2266.07Neutral
Ultimate Oscillator (7, 14, 28)40.20Neutral

Price Action

The price has been stable since yesterday, when post the volume jump, price was pulled down to $4,500 mark but soon was pushed back to $5,000 mark.

BTCUSD price chart via Tradingview

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