Bitcoin price analysis for 18 October 2022

Bitcoin price analysis for 18 October 2022, Bitcoin, the first largest cryptocurrency based on market cap, is in a downtrend since November 2021. On the second day of this week, it seems that buyers try to 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 overbought zone. The price is still under the 50 SMMA line.

Bitcoin price analysis on the Daily Chart for 18 October 2022

By diving into the daily timeframe, the price surpassed the downtrend trendline.

The TFLOW V2 Algo has already generated two Short Daily signals.

The Daily MACD indicator fluctuates in negative numbers but also forms a positive 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 surpassed the downtrend trendline and the 50 SMMA line of $19416.79. The Volume Profile indicator determines $19153.68 as a strong trading area, which surpassed. The price is trying to reach previous highs, but the movement seems to be a little bit exhausted.
The 5-hour MACD is positive. The 5-hour RSI fluctuates over 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, it seems that buyers try to push the price higher. At the same time, the price encounters major resistance areas, which make the movement weaker.

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