This is #39 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: $6,632
- BTC’s market cap: $122 Billion
Trend analysis
BTC should continue consolidating as most indicators are neutral and we still lack any strong momentum. RSI is close to 50 and getting flatter, indicating no strong momentum in either direction.
Global traditional markets are down today. Given the recent history, bitcoin might follow their lead. Bollinger Bands are converging too, suggesting that a movement is around the corner.
Note: Below analysis would hold true if we do not encounter sudden jump in trade volume.
- Sideways today
- ‘Moving average‘ and ‘Oscillator‘ indicators are mostly neutral, indicating no strong momentum
- BTC might follow global market’s downtrend today
Moving Average Indicators
MAs are mixed. Short and long term MAs are indicating sell opportunity but mid terms MAs are indicating buy opportunity. Ichimoku Cloud indicator 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.
| Buy | Neutral | Sell |
| 7 | 1 | 9 |
| Name | Value | Action |
|---|---|---|
| Exponential Moving Average (5) | 6690.54 | Sell |
| Simple Moving Average (5) | 6719.12 | Sell |
| Exponential Moving Average (10) | 6682.70 | Sell |
| Simple Moving Average (10) | 6689.76 | Sell |
| Exponential Moving Average (20) | 6618.37 | Buy |
| Simple Moving Average (20) | 6679.46 | Sell |
| Exponential Moving Average (30) | 6534.60 | Buy |
| Simple Moving Average (30) | 6508.69 | Buy |
| Exponential Moving Average (50) | 6423.69 | Buy |
| Simple Moving Average (50) | 6392.65 | Buy |
| Exponential Moving Average (100) | 6564.85 | Buy |
| Simple Moving Average (100) | 6062.60 | Buy |
| Exponential Moving Average (200) | 7187.46 | Sell |
| Simple Moving Average (200) | 7451.90 | Sell |
| Ichimoku Cloud Base Line (9, 26, 52, 26) | 6363.04 | Neutral |
| Volume Weighted Moving Average (20) | 6672.66 | Sell |
| Hull Moving Average (9) | 6715.13 | Sell |
Oscillator indicators
Oscillators too are neutral, indicating no particular strong momentum.
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.
| Buy | Neutral | Sell |
| 1 | 9 | 1 |
| Name | Value | Action |
|---|---|---|
| Relative Strength Index (14) | 55.06 | Neutral |
| Stochastic %K (14, 3, 3) | 41.58 | Neutral |
| Commodity Channel Index (20) | −7.75 | Neutral |
| Average Directional Index (14) | 20.67 | Neutral |
| Awesome Oscillator | 240.61 | Neutral |
| Momentum (10) | −22.09 | Buy |
| MACD Level (12, 26) | 105.75 | Sell |
| Stochastic RSI Fast (3, 3, 14, 14) | 17.37 | Neutral |
| Williams Percent Range (14) | −60.21 | Neutral |
| Bull Bear Power | −54.53 | Neutral |
| Ultimate Oscillator (7, 14, 28) | 51.58 | Neutra |
Price Action
Price movement has mostly been flat with no major volume dip or jump.
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