The analysis is based on signals from 28 technical indicators, out of which 17 are moving averages and remaining 11 are oscillators. These indicator values are calculated using 4 hr candles.
This is #55 of BTCUSD daily technical analysis, provided by Mudrex.
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
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Note: Above analysis would hold true if we do not encounter sudden jump in trade volume.
Operación activa
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As predicted, BTCUSD has been moving in the region defined in above graph.
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Mudrex
Operación cerrada: objetivo alcanzado
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As predicted, BTCUSD consolidated yesterday. Price movement was limited and price has moved up only by 100 points since the time analysis was published yesterday.
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I would love to see us get back over that $7000 mark. Seems like too many people dump around $7200 and we keep falling to $6750. Not a bad time to accumulate a little more though
Mudrex
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@Tinyuniverse31, I agree.
7k is a very strong psychological resistance level and it has almost been a month that BTC hasn't been able to stay above it for long.
Mudrex
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DM to get details of the above analysis and list of indicator & their values used to arrive at the above conclusion.