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.

BTCUSD 4hr chart via tradingview

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.

BuyNeutralSell
1115
NameValueAction
Exponential Moving Average (5)6324.35Sell
Simple Moving Average (5)6340.36Sell
Exponential Moving Average (10)6347.03Sell
Simple Moving Average (10)6396.46Sell
Exponential Moving Average (20)6344.23Sell
Simple Moving Average (20)6292.17Sell
Exponential Moving Average (30)6345.79Sell
Simple Moving Average (30)6285.51Sell
Exponential Moving Average (50)6339.63Sell
Simple Moving Average (50)6442.45Sell
Exponential Moving Average (100)6442.48Sell
Simple Moving Average (100)6126.81Buy
Exponential Moving Average (200)6950.58Sell
Simple Moving Average (200)6998.15Sell
Ichimoku Cloud Base Line (9, 26, 52, 26)6243.3Neutral
Volume Weighted Moving Average (20)6264.45Sell
Hull Moving Average (9)6274.58Sell

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.

BuyNeutralSell
191
NameValueAction
Relative Strength Index (14)43.72Neutral
Stochastic %K (14, 3, 3)39.35Neutral
Commodity Channel Index (20)−20.29Neutral
Average Directional Index (14)17.01Neutral
Awesome Oscillator6.29Neutral
Momentum (10)−158.84Buy
MACD Level (12, 26)1.41Sell
Stochastic RSI Fast (3, 3, 14, 14)19.41Neutral
Williams Percent Range (14)−92.31Neutral
Bull Bear Power−128.65Neutral
Ultimate Oscillator (7, 14, 28)51.26Neutral

What the charts says..

BTCUSD 1hr chart via tradingview

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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