Bitcoin price analysis for 10 January 2023

Bitcoin price analysis for 10 January 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 second day of this week, it seems that buyers try to control the price based on the weekly Heikin Ashi Candlestick. The weekly MACD is still negative but forms a positive histogram. The weekly RSI fluctuates below 50 but is close to the oversold zone. The price is still under the 50 SMMA line.

Bitcoin price analysis on the Daily Chart for 10 January 2023

By diving into the daily timeframe, the price fluctuates under the daily 50 SMMA line ($18009.84). It seems that the price tries to reach the $18000.00 area once again. Be aware of Jerome’s Powell speech today.

The TFLOW V2 Algo has already generated a Long signal.

The Daily MACD slightly turns positive.

The Daily RSI fluctuates over 50.

The 50 Daily SMMA stands above the price, meaning that the bears control the price.

In the 5-hour chart, Bitcoin fluctuates above the 50 SMMA line of $16872.65. The Volume Profile indicator determines $16833.62 as a strong trading area that has been surpassed too.

The 5-hour MACD is positive. Moreover, the 5-hour RSI fluctuates over 50 and close to the oversold zone.

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, the price fluctuates in an uptrend movement for the moment but a correction is very likely to appear.

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