This is #49 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 moved almost 700 points yesterday, moving as high at &7,200 and then as low as $6,500
  • $7,000 continues to act as a strong psychological resistance level
  • Price at time of publishing: $6,675
  • BTC’s market cap: $121 Billion

Trend analysis

Price should continue the downtrend today. Oscillators, including MACD, are indicating a downtrend 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.

  • Weak downtrend today
  • Many ‘Oscillator‘ indicators are neutral, but with a bias towards sell side. RSI is below 50
  • Moving average‘ indicators are indicating sell opportunity, 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
2114
NameValueAction
Exponential Moving Average (5)6776.03Sell
Simple Moving Average (5)6827.28Sell
Exponential Moving Average (10)6832.42Sell
Simple Moving Average (10)6858.68Sell
Exponential Moving Average (20)6901.04Sell
Simple Moving Average (20)6867.51Sell
Exponential Moving Average (30)6937.94Sell
Simple Moving Average (30)7007.36Sell
Exponential Moving Average (50)6937.17Sell
Simple Moving Average (50)7056.48Sell
Exponential Moving Average (100)6851.36Sell
Simple Moving Average (100)6763.08Sell
Exponential Moving Average (200)6963.59Sell
Simple Moving Average (200)6406.55Buy
Ichimoku Cloud Base Line (9, 26, 52, 26)6964.14Neutral
Volume Weighted Moving Average (20)6881.42Sell
Hull Moving Average (9)6686.81Buy

Oscillator indicators

Oscillators are mostly neutral, with a strong bias toward sell side. Compared to yesterday, many indicators have now flipped to indicate sell opportunity, hence price should move down 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
083
NameValueAction
Relative Strength Index (14)38.95Neutral
Stochastic %K (14, 3, 3)21.15Neutral
Commodity Channel Index (20)−152.07Neutral
Average Directional Index (14)30.64Neutral
Awesome Oscillator−185.11Sell
Momentum (10)−119.03Sell
MACD Level (12, 26)−78.88Sell
Stochastic RSI Fast (3, 3, 14, 14)6.42Neutral
Williams Percent Range (14)−79.44Neutral
Bull Bear Power−292.51Neutral
Ultimate Oscillator (7, 14, 28)43.53Neutral

What the price charts say…

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

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/