Bitcoin price analysis for 21 September 2022

Bitcoin price analysis for 21 September 2022

Bitcoin price analysis for 21 September 2022, Bitcoin, the first largest cryptocurrency based on market cap, is in a downtrend since November 2021. On the third 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 overbought zone. The price is still under the 50 SMMA line.

Bitcoin price analysis for 21 September 2022Bitcoin price analysis on the Daily Chart for 21 September 2022

Bitcoin price analysis for 21 September 2022By diving into the daily timeframe, the price is still in a downtrend and tries to reach $18.000. Be aware of today’s FOMC statement, as volatility is expected in the market.

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

The Daily MACD indicator fluctuates in negative numbers. The lines form a negative cross.

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.

Bitcoin price analysis for 21 September 2022In the 4-hour chart, Bitcoin fluctuates in a downtrend, below the 50 SMMA line of $20074.23. The Volume Profile indicator identifies $19849.84 as a strong trading area. In this area, a correction-retest back to the 50 SMMA, or Volume Profile, could be formed.

The 4-hour MACD is negative but forms a positive histogram. The 4-hour RSI fluctuates under 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, as the indicators form positive signs. Short-term upside moves are very likely to happen.

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