This is #46 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 $7,400 mark
  • Price at time of publishing: $7,395
  • BTC’s market cap: $135 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 a downtrend and hence the price should reverse its momentum and move down.
Another interesting point to notice is that the US stock markets (S&P500, etc) are up-trending today and investor sentiment in traditional market seems to be improving.

  • Weak 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)7336.24Buy
Simple Moving Average (5)7354.44Buy
Exponential Moving Average (10)7210.28Buy
Simple Moving Average (10)7169.68Buy
Exponential Moving Average (20)7048.28Buy
Simple Moving Average (20)6972.82Buy
Exponential Moving Average (30)6942.33Buy
Simple Moving Average (30)6918.64Buy
Exponential Moving Average (50)6800.57Buy
Simple Moving Average (50)6723.86Buy
Exponential Moving Average (100)6677.74Buy
Simple Moving Average (100)6553.63Buy
Exponential Moving Average (200)6932.50Buy
Simple Moving Average (200)6676.45Buy
Ichimoku Cloud Base Line (9, 26, 52, 26)7037.24Neutral
Volume Weighted Moving Average (20)7045.89Buy
Hull Moving Average (9)7463.59Sell

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)79.24Sell
Stochastic %K (14, 3, 3)89.94Neutral
Commodity Channel Index (20)135.52Sell
Average Directional Index (14)45.83Neutral
Awesome Oscillator433.66Buy
Momentum (10)636.53Sell
MACD Level (12, 26)189.42Buy
Stochastic RSI Fast (3, 3, 14, 14)99.04Neutral
Williams Percent Range (14)−3.39Neutral
Bull Bear Power475.46Neutral
Ultimate Oscillator (7, 14, 28)68.61Neutral

What the price charts say…

Price has finally broken above the important resistance levels like $7,200 and the peak on 13th March, after which we had seen a huge fall. We observed an increase in volume but that is gradually decreasing now. 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

About Mudrex

Mudrex platform helps traders build no-code algo trading bots using Technical analysis based indicators.

Mudrex Marketplace is collection of reviewed and verified funds created by professional traders on Mudrex. Traders create these funds using their trading bots. Individual investors can invest in them for a monthly fee and gain the benefits of passive investing!
Signup today: https://mudrex.com/