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.

BuyNeutralSell
719
NameValueAction
Exponential Moving Average (5)6690.54Sell
Simple Moving Average (5)6719.12Sell
Exponential Moving Average (10)6682.70Sell
Simple Moving Average (10)6689.76Sell
Exponential Moving Average (20)6618.37Buy
Simple Moving Average (20)6679.46Sell
Exponential Moving Average (30)6534.60Buy
Simple Moving Average (30)6508.69Buy
Exponential Moving Average (50)6423.69Buy
Simple Moving Average (50)6392.65Buy
Exponential Moving Average (100)6564.85Buy
Simple Moving Average (100)6062.60Buy
Exponential Moving Average (200)7187.46Sell
Simple Moving Average (200)7451.90Sell
Ichimoku Cloud Base Line (9, 26, 52, 26)6363.04Neutral
Volume Weighted Moving Average (20)6672.66Sell
Hull Moving Average (9)6715.13Sell

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.

BuyNeutralSell
191
NameValueAction
Relative Strength Index (14)55.06Neutral
Stochastic %K (14, 3, 3)41.58Neutral
Commodity Channel Index (20)−7.75Neutral
Average Directional Index (14)20.67Neutral
Awesome Oscillator240.61Neutral
Momentum (10)−22.09Buy
MACD Level (12, 26)105.75Sell
Stochastic RSI Fast (3, 3, 14, 14)17.37Neutral
Williams Percent Range (14)−60.21Neutral
Bull Bear Power−54.53Neutral
Ultimate Oscillator (7, 14, 28)51.58Neutra

Price Action

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

BTCUSD price chart via Tradingview

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