Bitcoin price analysis for 16 February 2023

Bitcoin price analysis for 16 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 fourth day of this week, it seems that pressure tries to balance between buyers and sellers 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.

Bitcoin price analysis on the Daily Chart for 16 February 2023

By diving into the daily timeframe, the price continues higher without forming a retest back to the daily 50 SMMA line ($20343.37). It seems that the price surpasses the $18000.00 area. Buyers try to dominate the price and push it close to previous resistance levels.

The TFLOW V3 Algo has already generated a Short signal.

The Daily MACD is positive with a negative histogram.

The Daily RSI fluctuates over 50.

In the 5-hour chart, Bitcoin fluctuates over the 50 SMMA line of $22419.11 and tries to maintain the uptrend. The Volume Profile indicator determines $22940.58 as a strong trading area that the price fluctuates above it.

The 5-hour MACD is a positive. Moreover, the 5-hour RSI fluctuates over 50 and close to 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, buyers appear to be stronger and take control of the price.The price maintains the uptrend movement.

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