Bitcoin price analysis for 16 March 2023

Bitcoin price analysis for 16 March 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 areas. The price is still under the 50 SMMA line.

Bitcoin price analysis on the Daily Chart for 16 March 2023

By diving into the daily timeframe, the price surpasses the daily 50 SMMA line ($21512.60). Buyers push the price close to previous resistance zones.

The TFLOW V3 Algo has already generated a Short signal.

The Daily MACD slightly turns positive.

The Daily RSI fluctuates over 50.

In the 5-hour chart, Bitcoin fluctuates over the 50 SMMA line of $22753.17 and the Volume Profile indicator that determines $23110.43 as a strong trading area.

The 5-hour MACD is positive with a negative histogram. Moreover, the 5-hour RSI fluctuates over 50 and close to the overbought zone.

Conclusion

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 close to previous resistance areas. We observe the current area for price reaction.

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