This is #47 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 yesterday, we saw a trend reversal and strong uptrend was followed by a weak downtrend
  • Price at time of publishing: $7,285
  • BTC’s market cap: $133 Billion

Trend analysis

After the uptrend in past few days, yesterday’s weak downtrend should be followed by price consolidation as most oscillator indicators are neutral.
Another interesting point to notice is that the US stock markets (S&P500, etc) are up-trending today as well. Investor sentiment in traditional market seems to be improving and we have seen BTC following these markets.

  • Sideways today
  • Most ‘Oscillator‘ indicators are neutral. MACD is signaling a sell opportunity
  • Moving averages‘ indicating buy opportunity, which are 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
1214
NameValueAction
Exponential Moving Average (5)7298.37Sell
Simple Moving Average (5)7292.26Sell
Exponential Moving Average (10)7274.36Buy
Simple Moving Average (10)7320.11Sell
Exponential Moving Average (20)7172.00Buy
Simple Moving Average (20)7155.50Buy
Exponential Moving Average (30)7073.25Buy
Simple Moving Average (30)7024.00Buy
Exponential Moving Average (50)6920.79Buy
Simple Moving Average (50)6850.71Buy
Exponential Moving Average (100)6758.03Buy
Simple Moving Average (100)6635.06Buy
Exponential Moving Average (200)6956.82Buy
Simple Moving Average (200)6614.12Buy
Ichimoku Cloud Base Line (9, 26, 52, 26)7063.55Neutral
Volume Weighted Moving Average (20)7181.44Buy
Hull Moving Average (9)7300.00Sell

Oscillator indicators

Oscillators are neutral, hence price should stabilize today.

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
191
NameValueAction
Relative Strength Index (14)62.21Neutral
Stochastic %K (14, 3, 3)69.81Neutral
Commodity Channel Index (20)44.07Neutral
Average Directional Index (14)39.47Neutral
Awesome Oscillator277.73Neutral
Momentum (10)−52.59Buy
MACD Level (12, 26)145.14Sell
Stochastic RSI Fast (3, 3, 14, 14)16.36Neutral
Williams Percent Range (14)−41.85Neutral
Bull Bear Power66.15Neutral
Ultimate Oscillator (7, 14, 28)51.81Neutral

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

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