Bitcoin price analysis for 23 November 2022

Bitcoin price analysis for 23 November 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 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 oversold zone. The price is still under the 50 SMMA line.

Bitcoin price analysis on the Daily Chart for 23 November 2022

By diving into the daily timeframe, the price rejected the daily 50 SMMA line ($19858.09) and dropped sharply below the major support zone of $18000. The price formed a retest back to this area. The price tries to recover and return to the previous consolidation range. Be aware of today’s FOMC Meeting Minutes, as high volatility is expected.

The TFLOW V2 Algo has already generated a Short signal.

The Daily MACD indicator is negative, but be aware of a possible line crossover.

The Daily RSI fluctuates below 50 and it seems that returns from the oversold zone.

The 50 Daily SMMA stands above the price which means that the bears control the price.

In the 5-hour chart, Bitcoin fluctuates under the 50 SMMA line of $17409.14. The Volume Profile indicator determines $16601.87 as a strong trading area, which has been encountered. The price fluctuates under these indicators for the moment.

The 5-hour MACD is negative with a positive histogram. 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, the price tries to recover as buyers seem stronger in the 5-hour timeframe. We observe this range for price reaction.

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