Bitcoin price analysis for 20 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 second day of this week, it seems that sellers try to control 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 20 December 2022
Bitcoin price analysis on the Daily Chart for 20 December 2022
By diving into the daily timeframe, the price fluctuates under the daily 50 SMMA line ($18633.30). It seems that the price rejected the $18000.00 zone.
The TFLOW V2 Algo has already generated a Short signal.
The Daily MACD 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 below the 50 SMMA line of $17035.15. The Volume Profile indicator determines $16992.64 as a strong trading area that has been surpassed. The price tries to build a new downtrend. However, a price increase is very likely to happen with a retest back to these areas.
The 5-hour MACD is negative with a positive histogram. The 5-hour RSI fluctuates below 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, buyers push the price back to strong trading zones. We observe the price for a possible price drop after encountering these areas.
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