Bitcoin price analysis for 25 October 2022, Bitcoin, the first largest cryptocurrency based on market cap, is in a downtrend since November 2021. On the second day of this week, it seems that the pressure tries to balance between buyers and sellers based on the weekly Heikin Ashi Candlestick. Buyers are relatively stronger. 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 25 October 2022
Bitcoin price analysis on the Daily Chart for 25 October 2022
By diving into the daily timeframe, the price surpassed the downtrend trendline and fluctuates back to previous resistance areas.
The TFLOW V2 Algo has already generated two Short Daily signals.
The Daily MACD indicator is negative with 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. The price fluctuates on the 50 SMMA line of $19327.29. The Volume Profile indicator determines $19189.69 as a strong trading area. The price fluctuates over these areas for the moment.
The 5-hour MACD slightly turns positive. 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, it seems that buyers pushed the price higher. The price reached major trading areas, but the movement seems not strong enough. We observe the price as neutral for the moment.
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