This is #41 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

  • Yesterday’s first half saw a rise in BTC price, almost by 500 points, after which price started consolidating around $6,400 
  • Price at time of publishing: $6370
  • BTC’s market cap: $118 Billion

Trend Analysis

BTC should continue consolidating today. Yesterday’s uptrend was not supported by a strong momentum as most of the oscillators were neutral. Today, some of those neutral indicators have switched their positions, but still neither bulls nor bears are overpowering the other. Indecisiveness in the market continues. RSI has started flattening and has maintained its value slightly above 50.

  • Sideways today
  • Oscillator‘ indicators are mostly neutral, indicating market indecisiveness 
  • Short and mid term ‘Moving averages‘ indicators are indicating a buying opportunity. Price is currently near MA50
BTCUSD 4hr price chart via tradingview

Moving Average Indicators

Short and mid term MAs are indicating a buy opportunity, whereas long terms MA’s are still 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
1214
NameValueAction
Exponential Moving Average (5)6413.54Buy
Simple Moving Average (5)6427.21Buy
Exponential Moving Average (10)6352.59Buy
Simple Moving Average (10)6303.86Buy
Exponential Moving Average (20)6328.61Buy
Simple Moving Average (20)6238.69Buy
Exponential Moving Average (30)6334.71Buy
Simple Moving Average (30)6361.09Buy
Exponential Moving Average (50)6330.38Buy
Simple Moving Average (50)6429Buy
Exponential Moving Average (100)6453.22Sell
Simple Moving Average (100)6050.52Buy
Exponential Moving Average (200)6992.5Sell
Simple Moving Average (200)7083.84Sell
Ichimoku Cloud Base Line (9, 26, 52, 26)6353.71Neutral
Volume Weighted Moving Average (20)6222.08Buy
Hull Moving Average (9)6490.62Sell

Oscillator indicators

Most of the oscillators are still neutral. CCI and Stochastic RSI fast are pointing towards a sell opportunity. MACD is indicating an uptrend. 

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
263
NameValueAction
Relative Strength Index (14)56.24Neutral
Stochastic %K (14, 3, 3)76.68Neutral
Commodity Channel Index (20)108.33Sell
Average Directional Index (14)21.1Neutral
Awesome Oscillator44.65Buy
Momentum (10)536.32Sell
MACD Level (12, 26)6.87Buy
Stochastic RSI Fast (3, 3, 14, 14)99.27Sell
Williams Percent Range (14)−24.03Neutral
Bull Bear Power249.92Neutral
Ultimate Oscillator (7, 14, 28)44.44Neutral

What the charts say…

BTCUSD 1hr price chart via tradingview

Price action shows clear signs of consolidation as the price range is narrowing with price is making both lower highs and higher lows. If RSI continues to maintain its values above 50, we will see an uptrend and bulls will try to test resistance level at $6,600.

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