This is #36 of BTCUSD daily price 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 4 hr candles.

You can find price analysis from previous days here.

Summary

Market

  • As predicted, price broke above $6,000 level on Tuesday and since then has stayed close to $6,200
  • Price at time of publishing: $6,110
  • BTC’s market cap: $113 Billion

Trend analysis

Price is consolidating again. As the Corona virus scare now seems to be contained, market is trying to push up again but the movement has not been supported by volume levels similar to what we had seen last week, hence the volatility currently is low. Not to forget that halving is inching closer and it will be interesting to see how this in combination with the current market state will impact the market in coming days.

Note: Below analysis would hold true if we do not encounter sudden jump in trade volume.

  • Weak bullish today
  • Moving average‘ indicators are mixed. Price is now above EMA50
  • Oscillator‘ indicators are mostly neutral, with slight bias towards buy opportunity

Moving Average Indicators

MAs are mixed. All long and short term MAs are indicating sell opportunity but mid terms MAs are indicating buy opportunity.

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
719
NameValueAction
Exponential Moving Average (5)6168.17Sell
Simple Moving Average (5)6171.37Sell
Exponential Moving Average (10)6162.89Sell
Simple Moving Average (10)6290.89Sell
Exponential Moving Average (20)6021.61Buy
Simple Moving Average (20)5997.71Buy
Exponential Moving Average (30)5941.11Buy
Simple Moving Average (30)5762.89Buy
Exponential Moving Average (50)6021.96Buy
Simple Moving Average (50)5565.32Buy
Exponential Moving Average (100)6614.00Sell
Simple Moving Average (100)6796.97Sell
Exponential Moving Average (200)7477.43Sell
Simple Moving Average (200)8030.18Sell
Ichimoku Cloud Base Line (9, 26, 52, 26)5990.69Neutral
Volume Weighted Moving Average (20)6045.88Buy
Hull Moving Average (9)6095.44Sell

Oscillator indicators

Most oscillators are neutral, indicating no particular strong momentum. This is also confirmed by the fact that we have seen price consolidating or moving only slightly in the last coupe of days.

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
281
NameValueAction
Relative Strength Index (14)53.48Neutral
Stochastic %K (14, 3, 3)45.32Neutral
Commodity Channel Index (20)15.74Neutral
Average Directional Index (14)21.18Neutral
Awesome Oscillator519.74Buy
Momentum (10)−87.84Buy
MACD Level (12, 26)177.35Sell
Stochastic RSI Fast (3, 3, 14, 14)11.75Neutral
Williams Percent Range (14)−66.62Neutral
Bull Bear Power65.00Neutral
Ultimate Oscillator (7, 14, 28)54.41Neutral

Price Action

The price has been stable since yesterday, with no volume jumps.

BTCUSD price chart via Tradingview

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