Bitcoin price analysis for 26 September 2022, Bitcoin, the first largest cryptocurrency based on market cap, is in a downtrend since November 2021. On the first 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 26 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.
The Daily MACD indicator fluctuates in negative numbers.
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, but at the same time, it seems like a consolidation movement. It is below the 50 SMMA line of $19592.42. The Volume Profile indicator determines $19002.17 as a strong trading area. We observe that these areas can act as resistance zones.
The 4-hour MACD is negative. The 4-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 price tries to balance buyers and sellers as it fails to drag lower but the main view remains bearish.
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