Bitcoin price analysis for 27 October 2022

Bitcoin price analysis for 27 October 2022, Bitcoin, the first largest cryptocurrency based on market cap, is in a downtrend since November 2021. On the fourth day of this week, it seems that buyers try to 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 overbought zone. The price is still under the 50 SMMA line.

Bitcoin price analysis on the Daily Chart for 27 October 2022

By diving into the daily timeframe, the price surpassed the downtrend trendline and fluctuates back to previous resistance areas. Slightly tries to encounter the 50 SMMA.

The TFLOW V2 Algo has already generated two Short Daily signals.

The Daily MACD indicator turns positive.

The Daily RSI fluctuates over 50 but is close to the overbought zone.

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 above the 50 SMMA line of $19537.33. The Volume Profile indicator determines $19196.88 as a strong trading area. The price fluctuates over these indicators while trying to reach the next resistance areas.
The 5-hour MACD is positive. The 5-hour RSI fluctuates over 50 but is close to the overbought zone.

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 push the price higher. The price surpassed major resistance areas. We observe the price for the next movement as the appearance of a correction is very likely.

Read all the latest Crypto Analysis Articles here.

Join the TFLOW Trading Community: https://t.me/tflowglobal