Bitcoin price analysis for 12 September 2022

Bitcoin price analysis for 12 September 2022, Bitcoin, the first largest cryptocurrency based on market cap, is in a downtrend since November 2021. This week seems that Bitcoin is still under buyers’ pressure 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 today forms a crossover. The price is still under the 50 SMMA line.

Bitcoin price analysis on the Daily Chart for 12 September 2022

By diving into the daily timeframe, the price is still in a downtrend but we identify the bullish pressure as the price tries to reach the 50 SMMA line.

The TFLOW Beta Algo has already generated a Short Daily signal and a TP signal as the buyers dominate the price.

The Daily MACD indicator fluctuates in negative numbers but forms a crossover as the histogram becomes positive.

The Daily RSI fluctuates over 50.

The 50 Daily SMMA stands above the price which means that the bears control the price.

In the 4-hour chart, Bitcoin fluctuates in an uptrend and continues above the 50 SMMA line $20593.82. The Volume Profile indicator identifies the $19862.82 as a strong trading area, which surpassed.

The 4-hour MACD line and signal line are positive, but a negative histogram starts forming. The 4-hour RSI fluctuates under 50, but in the overbought 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, it seems that buyers take control of the price as the indications are positive, but a bearish pressure is very likely.

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