BTCUSD - Weak Uptrend Today. Price Technical Analysis #56

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.

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Market in last 24 hrs
- As predicted yesterday, BTCUSD price consolidated yesterday
- Price is above to important psychological resistance level of $7,000
- Price at time of publishing: $7,050
- BTC’s market cap: $129 Billion

Today’s Trend analysis
Price should trend up today. Oscillators are mostly neutral but compared to yesterday, some have shifted to buy side. CCI is close to 50 and RSI is above 50 mark. MACD is indicating a buy opportunity. Overall, weak up-trending momentum is forming.
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.
- Weak uptrend today
- ‘Oscillator‘ indicators are mostly neutral. RSI is above 50 mark
- ‘Moving average‘ indicators indicating buying opportunity

DM to get details of the above analysis and list of indicator & their values used to arrive at the above conclusion.

Note: Above analysis would hold true if we do not encounter sudden jump in trade volume.

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Mudrex

Trade closed: target reached:

As predicted, BTCUSD saw a weak uptrend yesterday. Price is now trending at $7,250.

If you find the analysis useful, please like and share our ideas with the community!

Mudrex