Bitcoin price analysis for 20 October 2022

Bitcoin price analysis for 20 October 2022, Bitcoin, the first largest cryptocurrency based on market cap, is in a downtrend since November 2021. On the fourth day of this week, it seems that the pressure tries to balance between buyers and sellers 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 20 October 2022

By diving into the daily timeframe, the price surpassed the downtrend trendline and drags above it.

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 below 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 but failed to remain over the 50 SMMA line of $19381.37. The Volume Profile indicator determines $19124.86 as a strong trading area. The price fluctuates between these areas.
The 5-hour MACD slightly turns negative. 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, it seems that sellers try to push the price lower. At the same time, the price encounters major trading areas, which makes the movement more neutral for the moment.

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