This is 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
- Yesterday was a crazy day with Crude oil trading at 0.01 USD/barrel
- BTC saw a steep fall to $6,750. After the recovery of Crude oil price, BTC started recovering too
- Price at time of publishing: $6,840
- BTC’s market cap: $126 Billion
Today’s Trend analysis
Price should consolidate today. Oscillators are mostly neutral but compared to yesterday, some have shifted to sell side. CCI is in over-sold zone and RSI is at 40. MACD is indicating a sell opportunity. Overall, down-trending momentum isn’t strong yet.
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.
- Consolidation/Sideways today
- ‘Oscillator‘ indicators are mostly neutral. RSI is at 40 mark
- ‘Moving average‘ indicators indicating selling opportunity
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 buying 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.
| Buy | Neutral | Sell |
| 2 | 1 | 14 |
| Name | Value | Action |
|---|---|---|
| Exponential Moving Average (5) | 6885.99 | Sell |
| Simple Moving Average (5) | 6843.53 | Sell |
| Exponential Moving Average (10) | 6949.44 | Sell |
| Simple Moving Average (10) | 6979.38 | Sell |
| Exponential Moving Average (20) | 7005.60 | Sell |
| Simple Moving Average (20) | 7080.31 | Sell |
| Exponential Moving Average (30) | 7014.91 | Sell |
| Simple Moving Average (30) | 7079.54 | Sell |
| Exponential Moving Average (50) | 7004.90 | Sell |
| Simple Moving Average (50) | 6977.59 | Sell |
| Exponential Moving Average (100) | 6947.08 | Sell |
| Simple Moving Average (100) | 7019.72 | Sell |
| Exponential Moving Average (200) | 6976.92 | Sell |
| Simple Moving Average (200) | 6717.46 | Buy |
| Ichimoku Cloud Base Line (9, 26, 52, 26) | 7030.14 | Neutral |
| Volume Weighted Moving Average (20) | 7001.17 | Sell |
| Hull Moving Average (9) | 6805.12 | Buy |
Oscillator indicators
Oscillators are mostly neutral today. Compared to yesterday, some indicators have now flipped to indicate sell opportunity.
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.
| Buy | Neutral | Sell |
| 1 | 8 | 2 |
| Name | Value | Action |
|---|---|---|
| Relative Strength Index (14) | 40.32 | Neutral |
| Stochastic %K (14, 3, 3) | 21.06 | Neutral |
| Commodity Channel Index (20) | −125.21 | Neutral |
| Average Directional Index (14) | 24.54 | Neutral |
| Awesome Oscillator | −173.72 | Sell |
| Momentum (10) | −312.64 | Buy |
| MACD Level (12, 26) | −45.89 | Sell |
| Stochastic RSI Fast (3, 3, 14, 14) | 21.03 | Neutral |
| Williams Percent Range (14) | −83.88 | Neutral |
| Bull Bear Power | −283.53 | Neutral |
| Ultimate Oscillator (7, 14, 28) | 38.52 | Neutral |
What the price charts say…
Price is again below 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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