Bitcoin price analysis for 23 January 2023, 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 first day of this week, it seems that buyers 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 trying to surpass the 50 area. The price is still under the 50 SMMA line.
Bitcoin price analysis on the Daily Chart for 23 January 2023
By diving into the daily timeframe, the price fluctuates above the daily 50 SMMA line ($18735.39) and close to previous resistance zones. It seems that the price surpasses the $18000.00 area. We observe this area for a possible price decrease.
The TFLOW V3 Algo has already generated a Long signal.
The Daily MACD is positive.
The Daily RSI fluctuates over 50 and close to the overbought zone.
In the 5-hour chart, Bitcoin fluctuates above the 50 SMMA line of $20003.50. The Volume Profile indicator determines $16701.02 as a strong trading area that has been surpassed too. The price fluctuates close to previous resistance zones. Additionally, a price decrease may start soon.
The 5-hour MACD is positive with a negative histogram. Moreover, 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, a correction is very likely to appear soon. Buyers are relatively stronger in daily timeframe for the moment, as they lead the price back to previous resistance zones.
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