This is #42 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
- As predicted yesterday, BTC price consolidated in range $6,300 – $6,400
- Last 4 candles (4hr) have been red. BTC is going through a sell-off
- Price at time of publishing: $6300
- BTC’s market cap: $116 Billion
Trend Analysis
BTC will trend downwards today. After yesterday’s consolidation, we are going through a minor sell-off, which should continue even today. Most of the moving averages have flipped to indicate a downtrend.
Global traditional asset markets are also following a downtrend today. RSI is now below 50, which confirms that the bears will be in-charge for the coming few days.
- Downtrend today
- ‘Moving averages‘ indicators are giving a sell signal
- ‘Oscillator‘ indicators are mostly neutral
Moving Average Indicators
Most of the moving averages are pointing towards a downtrend. Ichimoku Cloud indicator is neutral. Another point to notice is that the difference between MAs is narrowing down, indicating that the market has been relatively less volatile in the last few days. Since 21st March, price has been bound between &5,800 and $7,000.
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 |
| 1 | 1 | 15 |
| Name | Value | Action |
| Exponential Moving Average (5) | 6324.35 | Sell |
| Simple Moving Average (5) | 6340.36 | Sell |
| Exponential Moving Average (10) | 6347.03 | Sell |
| Simple Moving Average (10) | 6396.46 | Sell |
| Exponential Moving Average (20) | 6344.23 | Sell |
| Simple Moving Average (20) | 6292.17 | Sell |
| Exponential Moving Average (30) | 6345.79 | Sell |
| Simple Moving Average (30) | 6285.51 | Sell |
| Exponential Moving Average (50) | 6339.63 | Sell |
| Simple Moving Average (50) | 6442.45 | Sell |
| Exponential Moving Average (100) | 6442.48 | Sell |
| Simple Moving Average (100) | 6126.81 | Buy |
| Exponential Moving Average (200) | 6950.58 | Sell |
| Simple Moving Average (200) | 6998.15 | Sell |
| Ichimoku Cloud Base Line (9, 26, 52, 26) | 6243.3 | Neutral |
| Volume Weighted Moving Average (20) | 6264.45 | Sell |
| Hull Moving Average (9) | 6274.58 | Sell |
Oscillator indicators
Most of the oscillators are neutral today. The ones which were indicating buy opportunities yesterday have flipped to neutral now.
Definition:- Oscillator indicators are based on the 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) | 43.72 | Neutral |
| Stochastic %K (14, 3, 3) | 39.35 | Neutral |
| Commodity Channel Index (20) | −20.29 | Neutral |
| Average Directional Index (14) | 17.01 | Neutral |
| Awesome Oscillator | 6.29 | Neutral |
| Momentum (10) | −158.84 | Buy |
| MACD Level (12, 26) | 1.41 | Sell |
| Stochastic RSI Fast (3, 3, 14, 14) | 19.41 | Neutral |
| Williams Percent Range (14) | −92.31 | Neutral |
| Bull Bear Power | −128.65 | Neutral |
| Ultimate Oscillator (7, 14, 28) | 51.26 | Neutral |
What the charts says..
Price action shows clear signs of a downtrend as the RSI is declining and have managed to break 50 level to the downside. It might touch the latest support level of $5800 before a push upwards.
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