Bitcoin price analysis for 16 September 2022

Bitcoin price analysis for 16 September 2022, Bitcoin, the first largest cryptocurrency based on market cap, is in a downtrend since November 2021. On the fifth day of this week, it seems the pressure between sellers and buyers is trying to balance 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 forms a crossover. The price is still under the 50 SMMA line.

Bitcoin price analysis on the Daily Chart for 16 September 2022

By diving into the daily timeframe, the price is still in a downtrend.

The TFLOW Beta Algo has already generated a Short Daily signal and a TP signal as the buyers pushed the price higher.

The Daily MACD indicator fluctuates in negative numbers with a positive histogram. It seems that the lines fail to reach positive areas.

The Daily RSI fluctuates below 50 which indicates the bears’ pressure.

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

In the 4-hour chart, Bitcoin fluctuates below the uptrend trendline and the 50 SMMA line of $20608.99. The Volume Profile indicator identifies $19850.84 as a strong trading area. In this area, a correction-retest back to the 50 SMMA, or trendline, could be formed.

The 4-hour MACD finally becomes negative. The 4-hour RSI fluctuates under 50, but in the oversold 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, it seems that sellers take control of the price once again, as the indications are negative.

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