Bitcoin price analysis for 16 December 2022

Bitcoin price analysis for 16 December 2022, 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 the pressure between buyers and sellers tries to balance based on the weekly Heikin Ashi Candlestick. Buyers are relatively stronger. 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 16 December 2022

By diving into the daily timeframe, the price fluctuates under the daily 50 SMMA line ($18813.64). It seems that the price rejected the $18000.00 zone.

The TFLOW V2 Algo has already generated a Short signal.

The Daily MACD indicator slightly turns positive with a negative histogram.

The Daily RSI fluctuates over 50.

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

In the 5-hour chart, Bitcoin fluctuates above the 50 SMMA line of $17200.89. The Volume Profile indicator determines $16852.07 as a strong trading area that has been surpassed. The price fluctuates still in an uptrend.

The 5-hour MACD is positive with a negative histogram. Additionally, the 5-hour RSI fluctuates on 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 push the price lower after encountering previous resistance zones. We observe the price for a possible trend change.

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