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.
- 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
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
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.
|Exponential Moving Average (5)||6853.67||Sell|
|Simple Moving Average (5)||6867.04||Sell|
|Exponential Moving Average (10)||6777.31||Buy|
|Simple Moving Average (10)||6794.64||Sell|
|Exponential Moving Average (20)||6651.32||Buy|
|Simple Moving Average (20)||6594.28||Buy|
|Exponential Moving Average (30)||6578.68||Buy|
|Simple Moving Average (30)||6479.60||Buy|
|Exponential Moving Average (50)||6498.31||Buy|
|Simple Moving Average (50)||6457.94||Buy|
|Exponential Moving Average (100)||6507.20||Buy|
|Simple Moving Average (100)||6316.08||Buy|
|Exponential Moving Average (200)||6926.84||Sell|
|Simple Moving Average (200)||6883.37||Sell|
|Ichimoku Cloud Base Line (9, 26, 52, 26)||6714.74||Neutral|
|Volume Weighted Moving Average (20)||6686.29||Buy|
|Hull Moving Average (9)||6946.86||Sell|
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.
|Relative Strength Index (14)||59.10||Neutral|
|Stochastic %K (14, 3, 3)||67.99||Neutral|
|Commodity Channel Index (20)||63.54||Neutral|
|Average Directional Index (14)||33.73||Neutral|
|MACD Level (12, 26)||143.49||Buy|
|Stochastic RSI Fast (3, 3, 14, 14)||84.80||Sell|
|Williams Percent Range (14)||−43.07||Neutral|
|Bull Bear Power||327.36||Neutral|
|Ultimate Oscillator (7, 14, 28)||50.82||Neutral|
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.
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