Bitcoin price analysis for 2 December 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 fifth 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 2 December 2022
Bitcoin price analysis on the Daily Chart for 2 December 2022
By diving into the daily timeframe, the price rejected the daily 50 SMMA line ($19326.09) and dropped sharply below the major support zone of $18000. The price seems that trying to encounter this area. Be aware of NFP news today.
The TFLOW V2 Algo has already generated a Short signal.
The Daily MACD indicator is negative with a positive histogram.
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 on the 50 SMMA line of $16958.20. The Volume Profile indicator determines $16601.87 as a strong trading area that has been surpassed.
The 5-hour MACD is positive. The 5-hour RSI fluctuates over 50 and seems that return from 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 are stronger and lead the price above previous resistance areas. A retest has been formed already. We observe the price for the next movement.
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