Bitcoin price analysis for 13 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 first day of this week, it seems that sellers 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 is over 50 area. The price is still under the 50 SMMA line.
By diving into the daily timeframe, the price dropped after reaching previous tops, and tries to encounter the daily 50 SMMA line ($20131.22). It seems that the price surpasses the $18000.00 area. Sellers try to dominate the price and push it lower.
The TFLOW V3 Algo has already generated a Sell 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 $22328.41 and tries to build a new downtrend. The Volume Profile indicator determines $22834.50 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 with a positive histogram. Moreover, the 5-hour RSI fluctuates below 50.
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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