Bitcoin price analysis for 16 November 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 third day of this week, it seems that sellers take control of the price based on the weekly Heikin Ashi Candlestick. 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 November 2022
By diving into the daily timeframe, the price rejected the daily 50 SMMA line ($20457.74) and dropped sharply below the major support zone of $18000. The price formed a retest back to this area. The price fluctuates in a consolidation movement.
The TFLOW V2 Algo has already generated a Short signal.
The Daily MACD indicator is negative.
The Daily RSI fluctuates below 50.
The 50 Daily SMMA stands above the price which means that the bears control the price.
In the 5-hour chart, Bitcoin fluctuates under the 50 SMMA line of $18457.78. The Volume Profile indicator determines $20621.31 as a strong trading area. The price fluctuates under these indicators while surpassing the $18.000 low. The price stands at the previous low after the breakdown and tries to form a double bottom but the movement seems not very powerful.
The 5-hour MACD is negative but forms a positive histogram. 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, buyers may appear and push the price back to previous strong areas which can act as resistance. We observe this range for price reaction. The movement seems more neutral for the moment.
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