This is #43 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, BTC was downtrending yesterday till 8PM UTC
  • We saw a sudden price pump and BTC price went as high as $6,750. These sudden movements can’t be predicted
  • Price at time of publishing: $6,715
  • BTC’s market cap: $121 Billion

Trend analysis

After the sudden price pump yesterday, most of the moving averages have flipped and are indicating a buying opportunity now. MACD histogram is above 0 and MACD line is above signal line since the last 4 candles which confirms that the buyers have stepped in and they will dominate the market today.
Price is likely to stabilize between $6500-$6700 before the up-move starts.

  • Weak uptrend today 📈
  • Moving averages‘ indicators are indicating a strong buy signal
  • Oscillator‘ indicators are neutral with a bias toward buy signal

Moving Average Indicators

Most of the moving averages are pointing to give a buy signal. Ichimoku Cloud indicator is neutral. After yesterday’s downtrend, most of the moving average indicators have flipped to give a buy signal.

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
1313
NameValueAction
Exponential Moving Average (5)6578.17Buy
Simple Moving Average (5)6563.16Buy
Exponential Moving Average (10)6503.19Buy
Simple Moving Average (10)6451.42Buy
Exponential Moving Average (20)6436.66Buy
Simple Moving Average (20)6428.69Buy
Exponential Moving Average (30)6410.42Buy
Simple Moving Average (30)6325.16Buy
Exponential Moving Average (50)6381.27Buy
Simple Moving Average (50)6429.35Buy
Exponential Moving Average (100)6454.23Buy
Simple Moving Average (100)6207.8Buy
Exponential Moving Average (200)6931.73Sell
Simple Moving Average (200)6945.79Sell
Ichimoku Cloud Base Line (9, 26, 52, 26)6312.49Neutral
Volume Weighted Moving Average (20)6457.94Buy
Hull Moving Average (9)6733.73Sell

Oscillator indicators

Most of the oscillators are still neutral today. Three of them which are Awesome Oscillator, momentum and MACD level are giving a buy signal.

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
362
NameValueAction
Relative Strength Index (14)61.94Neutral
Stochastic %K (14, 3, 3)79.89Neutral
Commodity Channel Index (20)142.94Sell
Average Directional Index (14)21.25Neutral
Awesome Oscillator214.54Buy
Momentum (10)167.47Buy
MACD Level (12, 26)65.07Buy
Stochastic RSI Fast (3, 3, 14, 14)92.12Neutral
Williams Percent Range (14)−19.48Sell
Bull Bear Power391.02Neutral
Ultimate Oscillator (7, 14, 28)59.99Neutral

What the charts say

Price action shows clear signs of an uptrend as it has managed to break the resistance at $6600. If price manages to hold this level, it could target the next level which is $7000 which is also the next resistance level, from where it could see a pullback.


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