This is #40 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

  • There was a sharp fall in price yesterday which bounced from the support of $5800 after which price and RSI saw a sharp rise.
  • Price at time of publishing: $6,346.
  • BTC’s market cap: $114 Billion.

Trend analysis

BTC should see a rise in price as most of the moving averages are pointing towards buy opportunity. RSI saw a sharp rise and is now trying to break 50 level, indicating a strong upward trend. Might break the resistance at $6600 price mark. Strong upward trend if it breaks $7000 price level.

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

  • Upward trend today.
  • Moving averages‘ are indicating a buying opportunity, but ‘Oscillator‘ indicators are mostly neutral
  • If it breaks $7000, strong upward trend as it’s the nearest psychological level.

Moving Average Indicators

Most of the MAs are pointing towards buy whereas 5 are pointing towards sell. 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
1115
NameValueAction
Exponential Moving Average (5)6167Buy
Simple Moving Average (5)6074Buy
Exponential Moving Average (10)6165.16Buy
Simple Moving Average (10)6128.82Buy
Exponential Moving Average (20)6243.61Buy
Simple Moving Average (20)6267.04Buy
Exponential Moving Average (30)6286.67Buy
Simple Moving Average (30)6405.78Sell
Exponential Moving Average (50)6302.45Buy
Simple Moving Average (50)6382.47Sell
Exponential Moving Average (100)6455.58Sell
Simple Moving Average (100)5994.45Buy
Exponential Moving Average (200)7026.93Sell
Simple Moving Average (200)7158.79Sell
Ichimoku Cloud Base Line (9, 26, 52, 26)6363.46Neutral
Volume Weighted Moving Average (20)6252.73Buy
Hull Moving Average (9)6138.22Buy

Oscillator indicators

Oscillators 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
092
NameValueAction
Relative Strength Index (14)51.06Neutral
Stochastic %K (14, 3, 3)62.53Neutral
Commodity Channel Index (20)13.77Neutral
Average Directional Index (14)21.57Neutral
Awesome Oscillator−373.31Neutral
Momentum (10)72.49Sell
MACD Level (12, 26)−94.60Sell
Stochastic RSI Fast (3, 3, 14, 14)87.79Neutral
Williams Percent Range (14)−9.71Neutral
Bull Bear Power198.92Neutral
Ultimate Oscillator (7, 14, 28)52.63Neutral

Price Action

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

BTCUSD price chart via Tradingview

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