Bitcoin price analysis for 23 September 2022, Bitcoin, the first largest cryptocurrency based on market cap, is in a downtrend since November 2021. On the fifth day of this week, it seems that sellers 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 overbought zone. The price is still under the 50 SMMA line.
Bitcoin price analysis on the Daily Chart for 23 September 2022
By diving into the daily timeframe, the price is still in a downtrend and tries to reach $18.000. Actually, the price fluctuates in this area and tries to surpass it.
The TFLOW Beta Algo has already generated a Short Daily signal and a TP signal, as buyers pushed the price higher. Yesterday’s candle formed a rebound pattern, but be aware of today’s Jerome Powell speech for possible fake-outs.
The Daily MACD indicator fluctuates in negative numbers. The MACD 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.
In the 4-hour chart, Bitcoin fluctuates in a downtrend, below the 50 SMMA line of $19865.06. The Volume Profile indicator identifies $19781.01 as a strong trading area. We observe these areas as can act as resistance zones.
The 4-hour MACD is negative but forms a positive histogram. The 4-hour RSI fluctuates over 50.
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 take control of the price as it fails to drag lower, but be aware of possible resistance zones.
Read all the latest Crypto Analysis Articles here.
Join the TFLOW Trading Community: https://t.me/tflowglobal