Bitcoin price analysis for 28 February 2023

Bitcoin price analysis for 28 February 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 second day of this week, it seems that pressure tries to balance between buyers and sellers based on the weekly Heikin Ashi Candlestick. The weekly MACD is still negative but forms a positive histogram. The weekly RSI is over 50 area. The price is still under the 50 SMMA line.

Bitcoin price analysis on the Daily Chart for 28 February 2023

By diving into the daily timeframe, the price rejects the previous resistance area and fluctuates over the daily 50 SMMA line ($21098.23). It seems that the price surpasses the $18000.00 area. A continue of price decrease is very likely to happen.

The TFLOW V3 Algo has already generated a Take Profit signal.

The Daily MACD is positive with a negative histogram.

The Daily RSI fluctuates over 50.

In the 5-hour chart, Bitcoin fluctuates between the 50 SMMA line of $23440.12 and the Volume Profile indicator which determines $22929.47 as a strong trading area.

The 5-hour MACD is negative with a positive histogram. Moreover, the 5-hour RSI fluctuates below 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 maintains the uptrend movement and we observe the current area as bearish pressure is very likely to appear.

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