This is #54 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 in last 24 hrs

  • BTC price has been consolidated in range $7,050 – $7,250
  • $7,000 has been breached for now
  • Price at time of publishing: $7,060
  • BTC’s market cap: $131 Billion

Today’s Trend analysis

Price should see a weak downtrend today. Oscillators are mostly neutral but CCI is nearing over-sold zone and RSI is below 50. MACD is indicating a sell opportunity. Overall, a down-trending momentum is gaining strength.
Another interesting point to notice is the correlation between US stock markets (S&P500, etc) and BTC price, which is at currently trending at its all time high.

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
719
NameValueAction
Exponential Moving Average (5)7141.48Sell
Simple Moving Average (5)7148.91Sell
Exponential Moving Average (10)7148.44Sell
Simple Moving Average (10)7168.42Sell
Exponential Moving Average (20)7120.93Sell
Simple Moving Average (20)7141.02Sell
Exponential Moving Average (30)7088.24Sell
Simple Moving Average (30)7061.26Buy
Exponential Moving Average (50)7042.54Buy
Simple Moving Average (50)6983.02Buy
Exponential Moving Average (100)6957.37Buy
Simple Moving Average (100)7011.56Buy
Exponential Moving Average (200)6983.75Buy
Simple Moving Average (200)6670.27Buy
Ichimoku Cloud Base Line (9, 26, 52, 26)6968.43Neutral
Volume Weighted Moving Average (20)7144.99Sell
Hull Moving Average (9)7153.39Sell

Oscillator indicators

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

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)48.42Neutral
Stochastic %K (14, 3, 3)43.75Neutral
Commodity Channel Index (20)−74.79Neutral
Average Directional Index (14)18.93Neutral
Awesome Oscillator121.48Neutral
Momentum (10)−152.89Buy
MACD Level (12, 26)45.19Sell
Stochastic RSI Fast (3, 3, 14, 14)26.40Neutral
Williams Percent Range (14)−86.72Neutral
Bull Bear Power−55.79Neutral
Ultimate Oscillator (7, 14, 28)47.45Neutral

What the price charts say…

Price is again above the important resistance level $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.


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