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.

Summary

Market

  • Price has has been consolidating since 24th March
  • Price at time of publishing: $6,650
  • BTC’s market cap: $121 Billion

Trend analysis

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.

BuyNeutralSell
1313
NameValueAction
Exponential Moving Average (5)6646.10Buy
Simple Moving Average (5)6653.52Sell
Exponential Moving Average (10)6634.39Buy
Simple Moving Average (10)6649.19Buy
Exponential Moving Average (20)6553.57Buy
Simple Moving Average (20)6607.85Buy
Exponential Moving Average (30)6460.93Buy
Simple Moving Average (30)6425.62Buy
Exponential Moving Average (50)6357.45Buy
Simple Moving Average (50)6257.43Buy
Exponential Moving Average (100)6548.07Buy
Simple Moving Average (100)6122.30Buy
Exponential Moving Average (200)7211.16Sell
Simple Moving Average (200)7527.44Sell
Ichimoku Cloud Base Line (9, 26, 52, 26)6333.81Neutral
Volume Weighted Moving Average (20)6545.50Buy
Hull Moving Average (9)6629.28Buy

Oscillator indicators

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.

BuyNeutralSell
182
NameValueAction
Relative Strength Index (14)56.97Neutral
Stochastic %K (14, 3, 3)35.31Neutral
Commodity Channel Index (20)31.18Neutral
Average Directional Index (14)21.76Neutral
Awesome Oscillator268.13Neutral
Momentum (10)73.88Sell
MACD Level (12, 26)125.59Sell
Stochastic RSI Fast (3, 3, 14, 14)7.09Neutral
Williams Percent Range (14)−64.37Neutral
Bull Bear Power87.29Buy
Ultimate Oscillator (7, 14, 28)46.50Neutral

Price Action

Price movement has mostly been flat with no major volume dip or jump.

BTCUSD price chart via Tradingview

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