Bitcoin price analysis for 10 February 2023

Bitcoin price analysis for 10 February 2023, Bitcoin, the first largest cryptocurrency based on market cap, is in a downtrend since November 2021. You can read more about Bitcoin price from CoinCodex. On the fifth day of this week, it seems that pressure tries to balance between buyers and sellers based on the weekly Heikin Ashi Candlestick. The weekly MACD is still negative but forms a positive histogram. The weekly RSI is over the 50 areas. The price is still under the 50 SMMA line.

Bitcoin price analysis on the Daily Chart for 10 February 2023

By diving into the daily timeframe, the price fluctuates close to previous tops, above the daily 50 SMMA line ($20032.63). It seems that the price surpasses the $18000.00 area. Sellers try to dominate the price and lead it close to the 50 SMMA.

The TFLOW V3 Algo has already generated a Take Profit signal.

The Daily MACD is positive with a negative histogram.

The Daily RSI fluctuates below 50.

In the 5-hour chart, Bitcoin fluctuates below the 50 SMMA line of $22518.37 and tries to build a new downtrend. The Volume Profile indicator determines $23099.71 as a strong trading area that the price fluctuates below it. Additionally, a retest back to the 50 SMMA is very likely to happen.

The 5-hour MACD is negative. Moreover, the 5-hour RSI fluctuates below 50.

Conclusion

The price of Bitcoin forms a bearish momentum in medium-term scale as the technical analysis and the indicators coincide. In a short-term scale, sellers try to take control of the price while pushing it below the previous resistance zones of the daily timeframe.

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