This is #50 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 movement yesterday was restricted between $6,700 – $6,900
  • $7,000 continues to act as a strong psychological resistance level
  • Price at time of publishing: $6,835
  • BTC’s market cap: $126 Billion

Trend analysis

Price should continue the weak uptrend today, moving closer to $7,000. Oscillators, including MACD, are indicating a uptrend today, many of those till yesterday were indicating a downtrend. We can conclude that the upward momentum is getting stronger.
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 on a macro level.

  • Weak uptrend today
  • Many ‘Oscillator‘ indicators are neutral, but with a bias towards buy side. RSI is about to cross over 50 mark
  • 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 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
3113
NameValueAction
Exponential Moving Average (5)6845.42Sell
Simple Moving Average (5)6849.75Sell
Exponential Moving Average (10)6846.95Sell
Simple Moving Average (10)6813.17Buy
Exponential Moving Average (20)6879.82Sell
Simple Moving Average (20)6857.84Sell
Exponential Moving Average (30)6910.40Sell
Simple Moving Average (30)6918.09Sell
Exponential Moving Average (50)6919.60Sell
Simple Moving Average (50)7063.70Sell
Exponential Moving Average (100)6851.79Sell
Simple Moving Average (100)6800.25Buy
Exponential Moving Average (200)6957.28Sell
Simple Moving Average (200)6377.70Buy
Ichimoku Cloud Base Line (9, 26, 52, 26)6882.60Neutral
Volume Weighted Moving Average (20)6850.10Sell
Hull Moving Average (9)6888.86Sell

Oscillator indicators

Oscillators are mostly neutral, with a strong 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
281
NameValueAction
Relative Strength Index (14)46.52Neutral
Stochastic %K (14, 3, 3)47.04Neutral
Commodity Channel Index (20)−15.91Neutral
Average Directional Index (14)24.45Neutral
Awesome Oscillator−120.15Neutral
Momentum (10)−295.44Buy
MACD Level (12, 26)−48.68Buy
Stochastic RSI Fast (3, 3, 14, 14)47.54Neutral
Williams Percent Range (14)−56.34Neutral
Bull Bear Power−40.37Sell
Ultimate Oscillator (7, 14, 28)58.55Neutral

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

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