This is #44 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 price saw a weak uptrend yesterday till 4PM UTC
  • We saw a sudden price and volume pump and BTC price went as high as ~$7,300. These sudden movements can’t be predicted
  • Price at time of publishing: $6,700
  • BTC’s market cap: $120 Billion

Trend analysis

Most oscillators are now neutral, indicating that the price should consolidate and we lack strong momentum in any direction. Volatility is high currently, hence the MAs have been flipping continuously.
$7,000 is the next strong psychological resistance level.

  • Sideways today
  • Oscillator‘ indicators are mostly neutral with a bias toward buy signal
  • Moving averages‘ indicators are mixed
BTCUSD 4hr price chart via tradingview

Moving Average Indicators

Moving average indicator values have been converging as volatility has been low in past few weeks. Now, small change in BTC price is resulting in huge flips. Ichimoku Cloud 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
1016
NameValueAction
Exponential Moving Average (5)6853.67Sell
Simple Moving Average (5)6867.04Sell
Exponential Moving Average (10)6777.31Buy
Simple Moving Average (10)6794.64Sell
Exponential Moving Average (20)6651.32Buy
Simple Moving Average (20)6594.28Buy
Exponential Moving Average (30)6578.68Buy
Simple Moving Average (30)6479.60Buy
Exponential Moving Average (50)6498.31Buy
Simple Moving Average (50)6457.94Buy
Exponential Moving Average (100)6507.20Buy
Simple Moving Average (100)6316.08Buy
Exponential Moving Average (200)6926.84Sell
Simple Moving Average (200)6883.37Sell
Ichimoku Cloud Base Line (9, 26, 52, 26)6714.74Neutral
Volume Weighted Moving Average (20)6686.29Buy
Hull Moving Average (9)6946.86Sell

Oscillator indicators

Most of the oscillators are still neutral indicating that e lack nay 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. RSI is above 50 and MACD is pointing towards a buy opportunity.

BuyNeutralSell
281
NameValueAction
Relative Strength Index (14)59.10Neutral
Stochastic %K (14, 3, 3)67.99Neutral
Commodity Channel Index (20)63.54Neutral
Average Directional Index (14)33.73Neutral
Awesome Oscillator412.94Neutral
Momentum (10)125.94Buy
MACD Level (12, 26)143.49Buy
Stochastic RSI Fast (3, 3, 14, 14)84.80Sell
Williams Percent Range (14)−43.07Neutral
Bull Bear Power327.36Neutral
Ultimate Oscillator (7, 14, 28)50.82Neutral

What the price charts say…

We are observing increase in volume pump/dump accompanied with large volatility. This is a time to be cautious as this movement is not supported by momentum and hence there are high chances of reversals.

BTCUSD 4hr price chart via tradingview

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