This is #48 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 price saw a sudden pull-back. Price now is again under $7,000 – the major physiological resistance level
  • Price at time of publishing: $6,850
  • BTC’s market cap: $124 Billion

Trend analysis

Yesterday, the downtrend was expected, but the sudden fall below 7,000 mark seems unreasonable. Price should try and move closer to $7,000 today.
Another interesting point to notice is that the US stock markets (S&P500, etc) are up-trending since a last few days. Investor sentiment in traditional market seems to be improving and we have seen BTC following these markets.

  • Sideways today
  • Most ‘Oscillator‘ indicators are neutral, with a slight bias towards sell side. CCI is signaling a buying opportunity
  • Moving averages‘ indicating sell opportunity, which are biased by the recent downtrend
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 buy 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
4112
NameValueAction
Exponential Moving Average (5)7012.11Sell
Simple Moving Average (5)7047.57Sell
Exponential Moving Average (10)7108.17Sell
Simple Moving Average (10)7163.88Sell
Exponential Moving Average (20)7151.52Sell
Simple Moving Average (20)7240.46Sell
Exponential Moving Average (30)7121.10Sell
Simple Moving Average (30)7195.65Sell
Exponential Moving Average (50)7017.28Sell
Simple Moving Average (50)7032.77Sell
Exponential Moving Average (100)6848.93Buy
Simple Moving Average (100)6730.35Buy
Exponential Moving Average (200)6983.08Sell
Simple Moving Average (200)6504.55Buy
Ichimoku Cloud Base Line (9, 26, 52, 26)7145.67Neutral
Volume Weighted Moving Average (20)7227.58Sell
Hull Moving Average (9)6870.06Buy

Oscillator indicators

Oscillators are mostly neutral, with a bias toward buy side. Compared to yesterday, many indicators have now flipped to indicate buy opportunity, hence price should move up 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
362
NameValueAction
Relative Strength Index (14)37.28Neutral
Stochastic %K (14, 3, 3)10.49Neutral
Commodity Channel Index (20)−202.18Buy
Average Directional Index (14)27.87Neutral
Awesome Oscillator−73.13Sell
Momentum (10)−466.79Buy
MACD Level (12, 26)−9.17Sell
Stochastic RSI Fast (3, 3, 14, 14)0.10Neutral
Williams Percent Range (14)−86.13Buy
Bull Bear Power−508.35Neutral
Ultimate Oscillator (7, 14, 28)45.83Neutral

What the price charts say…

Price is again below the important resistance levels like $7,000. There have been many unpredictable volume bumps, which are the incidences when the price sees a drastic change.
Bitcoin continues to be very volatile, hence investors should be cautious.

BTCUSD 4hr price chart via tradingview

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