This is #38 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.
- Price has has been consolidating since 24th March
- Price at time of publishing: $6,650
- BTC’s market cap: $121 Billion
BTC now seems ready to move up and break the $7,000 mark. RSI is above 50, supporting an uptrend. We are also observing a bullish divergence RSI, hence confirming a short uptrend. Bollinger Bands are contracting, which suggests that a movement is around the corner.
Global traditional markets are picking up too. Given the recent history, bitcoin is expected to follow their lead.
Note: Below analysis would hold true if we do not encounter sudden jump in trade volume.
- Weak uptrend
- ‘Moving average‘ indicators are are indicating a uptrend
- ‘Oscillator‘ indicators are mostly neutral, indicating no strong momentum yet
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. Ichimoku is neutral.
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.
|Exponential Moving Average (5)||6646.10||Buy|
|Simple Moving Average (5)||6653.52||Sell|
|Exponential Moving Average (10)||6634.39||Buy|
|Simple Moving Average (10)||6649.19||Buy|
|Exponential Moving Average (20)||6553.57||Buy|
|Simple Moving Average (20)||6607.85||Buy|
|Exponential Moving Average (30)||6460.93||Buy|
|Simple Moving Average (30)||6425.62||Buy|
|Exponential Moving Average (50)||6357.45||Buy|
|Simple Moving Average (50)||6257.43||Buy|
|Exponential Moving Average (100)||6548.07||Buy|
|Simple Moving Average (100)||6122.30||Buy|
|Exponential Moving Average (200)||7211.16||Sell|
|Simple Moving Average (200)||7527.44||Sell|
|Ichimoku Cloud Base Line (9, 26, 52, 26)||6333.81||Neutral|
|Volume Weighted Moving Average (20)||6545.50||Buy|
|Hull Moving Average (9)||6629.28||Buy|
Most oscillators are neutral, indicating no particular strong momentum. Bullish divergence RSI suggest a short-uptrend before downtrend continues.
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.
|Relative Strength Index (14)||56.97||Neutral|
|Stochastic %K (14, 3, 3)||35.31||Neutral|
|Commodity Channel Index (20)||31.18||Neutral|
|Average Directional Index (14)||21.76||Neutral|
|MACD Level (12, 26)||125.59||Sell|
|Stochastic RSI Fast (3, 3, 14, 14)||7.09||Neutral|
|Williams Percent Range (14)||−64.37||Neutral|
|Bull Bear Power||87.29||Buy|
|Ultimate Oscillator (7, 14, 28)||46.50||Neutral|
Price movement has mostly been flat with no major volume dip or jump.
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