This is #37 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

  • Price has moved up by 10% in last 24 hours. Another bull trap?
  • Price at time of publishing: $6,700
  • BTC’s market cap: $123 Billion

Trend analysis

After the consolidation from last few days, we are seeing an uptick again, which is accompanied by trade volume increase. This could be another bull trap, similar to the one we saw on 19th-20th March.
Traditional markets are still under control of bears and we have observed that Bitcoin has been following the same trend.

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

  • Sideways or we may we a pullback to under $6,400 mark
  • After today’s 10% gain, ‘Moving average‘ indicators are indicating a buy situation, but
  • Oscillator‘ indicators are mostly neutral, confirming that the current price action lacks momentum, hence could be short lived

Moving Average Indicators

MAs are mixed. After the price pickup today, almost all short and mid term MAs are indicating buy opportunity but long terms MAs are indicating sell 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
1313
NameValueAction
Exponential Moving Average (5)6569.80Buy
Simple Moving Average (5)6609.59Buy
Exponential Moving Average (10)6430.50Buy
Simple Moving Average (10)6329.56Buy
Exponential Moving Average (20)6284.58Buy
Simple Moving Average (20)6238.82Buy
Exponential Moving Average (30)6192.06Buy
Simple Moving Average (30)6261.70Buy
Exponential Moving Average (50)6152.79Buy
Simple Moving Average (50)5877.20Buy
Exponential Moving Average (100)6515.01Buy
Simple Moving Average (100)6318.03Buy
Exponential Moving Average (200)7287.55Sell
Simple Moving Average (200)7722.00Sell
Ichimoku Cloud Base Line (9, 26, 52, 26)6311.21Neutral
Volume Weighted Moving Average (20)6252.27Buy
Hull Moving Average (9)6799.87Sell

Oscillator indicators

Most oscillators are neutral, indicating no particular strong momentum. The current price action lacks momentum, hence could be short lived. Possibly its a bull trap.

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
353
NameValueAction
Relative Strength Index (14)62.53Neutral
Stochastic %K (14, 3, 3)86.56Sell
Commodity Channel Index (20)120.00Sell
Average Directional Index (14)19.49Neutral
Awesome Oscillator422.19Buy
Momentum (10)778.06Buy
MACD Level (12, 26)169.27Buy
Stochastic RSI Fast (3, 3, 14, 14)91.78Sell
Williams Percent Range (14)−21.18Neutral
Bull Bear Power592.44Neutral
Ultimate Oscillator (7, 14, 28)51.47Neutral

Price Action

The sudden 10% jump in price was accompanied by rise in trade volume.

BTCUSD price chart via Tradingview

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