Bitcoin price analysis for 27 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 fifth 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 27 January 2023
By diving into the daily timeframe, the price fluctuates above the daily 50 SMMA line ($19064.19) 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 sideways above the 50 SMMA line of $20959.00. The Volume Profile indicator determines $22754.58 as a strong trading area that the price fluctuates above. The price fluctuates close to previous resistance zones. Additionally, the price moves in a correction that could push the price higher.
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, the price moves sideways in a specific range. Obviously, buyers are relatively stronger in daily timeframe for the moment, as they lead the price back to previous resistance zones.
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