This is #51 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 $6,800 – $7,000
  • $7,000 continues to act as a strong psychological resistance level
  • Price at time of publishing: $6,785
  • BTC’s market cap: $124 Billion

Trend analysis

Price should move sideways today, in range $6,600-$7,000. Oscillators are mostly neutral now, compared to yesterday when they were supporting a weak uptrend.
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.

  • Sideways today
  • Oscillator‘ indicators are mostly neutral. RSI is below 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
1115
NameValueAction
Exponential Moving Average (5)6848.58Sell
Simple Moving Average (5)6872.13Sell
Exponential Moving Average (10)6859.99Sell
Simple Moving Average (10)6874.82Sell
Exponential Moving Average (20)6877.19Sell
Simple Moving Average (20)6865.07Sell
Exponential Moving Average (30)6899.31Sell
Simple Moving Average (30)6864.59Sell
Exponential Moving Average (50)6910.92Sell
Simple Moving Average (50)7024.68Sell
Exponential Moving Average (100)6855.04Sell
Simple Moving Average (100)6844.93Sell
Exponential Moving Average (200)6952.86Sell
Simple Moving Average (200)6405.82Buy
Ichimoku Cloud Base Line (9, 26, 52, 26)6882.60Neutral
Volume Weighted Moving Average (20)6859.90Sell
Hull Moving Average (9)6855.77Sell

Oscillator indicators

Oscillators are mostly neutral today. Compared to yesterday, some indicators have now flipped to indicate sell opportunity, making the overall momentum neutral.

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
272
NameValueAction
Relative Strength Index (14)42.51Neutral
Stochastic %K (14, 3, 3)56.78Neutral
Commodity Channel Index (20)−87.46Neutral
Average Directional Index (14)19.00Neutral
Awesome Oscillator−8.60Sell
Momentum (10)−22.07Buy
MACD Level (12, 26)−29.03Buy
Stochastic RSI Fast (3, 3, 14, 14)63.36Neutral
Williams Percent Range (14)−58.96Neutral
Bull Bear Power−68.80Sell
Ultimate Oscillator (7, 14, 28)50.07Neutra

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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