This is #45 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

  • BTC has been up-trending, now above the crucial $7,000 mark
  • Price at time of publishing: $7,150
  • BTC’s market cap: $131 Billion

Trend analysis

Even though BTC is up-trending, the uptrend is not supported by momentum and hence should be short-lived. Most oscillators are either neutral or indicating downtrend and hence the price should reverse its momentum and move down. This is a possible bull-trap, similar to the ones we had observed on 2nd and 4th April.

  • Downtrend today
  • Oscillator‘ indicators are biased toward sell signal. RSI is in overbought zone
  • Moving averages‘ indicating buy, biased by the recent uptrend
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 and Hull MA is indicating a sell opportunity.

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
1511
NameValueAction
Exponential Moving Average (5)7074.05Buy
Simple Moving Average (5)7064.83Buy
Exponential Moving Average (10)6978.91Buy
Simple Moving Average (10)6924.67Buy
Exponential Moving Average (20)6876.03Buy
Simple Moving Average (20)6840.06Buy
Exponential Moving Average (30)6802.89Buy
Simple Moving Average (30)6820.72Buy
Exponential Moving Average (50)6696.76Buy
Simple Moving Average (50)6610.67Buy
Exponential Moving Average (100)6617.66Buy
Simple Moving Average (100)6505.09Buy
Exponential Moving Average (200)6913.46Buy
Simple Moving Average (200)6703.88Buy
Ichimoku Cloud Base Line (9, 26, 52, 26)6941.24Neutral
Volume Weighted Moving Average (20)6881.27Buy
Hull Moving Average (9)7217.42Sell

Oscillator indicators

Oscillators are biased towards sell opportunity, hence the recent uptrend is not supported and should be short-lived.

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
263
NameValueAction
Relative Strength Index (14)72.47Sell
Stochastic %K (14, 3, 3)93.43Neutral
Commodity Channel Index (20)193.34Sell
Average Directional Index (14)40.29Neutral
Awesome Oscillator282.48Buy
Momentum (10)372.20Sell
MACD Level (12, 26)123.23Buy
Stochastic RSI Fast (3, 3, 14, 14)100.00Neutral
Williams Percent Range (14)−4.07Neutral
Bull Bear Power403.19Neutral
Ultimate Oscillator (7, 14, 28)62.19Neutral

What the price charts say…

Price has finally broken above the important psychological $7,000 mark. We observed an increase in volume, which is gradually decreasing. This is a time to be cautious as this uptrend is not supported by momentum and hence there are high chances of reversals.

BTCUSD 4hr price chart via tradingview

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