Bitcoin price analysis for 14 April 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 buyers try to take the control of the price based on the weekly Heikin Ashi Candlestick. The weekly MACD is positive. The weekly RSI is over 50 areas and close to the overbought zone. Lastly, the price tries to surpass the 50 SMMA line.
Bitcoin price analysis on the Daily Chart for 14 April 2023
By diving into the daily timeframe, the price fluctuates over the daily 50 SMMA line ($24565.54) and the $25242.91 area. Obviously, buyers push the price above previous resistance zones.
The TFLOW V3 Algo has already generated a Take Profit signal.
The Daily MACD is positive.
The Daily RSI fluctuates over 50 and close to the overbought zone.
In the 5-hour chart, Bitcoin fluctuates over the 50 SMMA line of $28389.33 and the Volume Profile indicator that determines $27898.71 as a strong trading area.
The 5-hour MACD is positive. Moreover, the 5-hour RSI fluctuates over 50 and close to the overbought zone.
Conclusion
To sum up, the price of Bitcoin forms a bearish momentum in a medium-term scale as the technical analysis and the indicators coincide. In a short-term scale, buyers push the price above previous resistance areas. We observe the current area the price moves sideways after the breakout.
Read all the latest Crypto Analysis Articles here.
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