Bitcoin price analysis for 28 September 2022

Bitcoin price analysis for 28 September 2022, Bitcoin, the first largest cryptocurrency based on market cap, is in a downtrend since November 2021. On the third day of this week, it seems that the pressure tries to balance between buyers and sellers based on the weekly Heikin Ashi Candlestick. Sellers are still 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 28 September 2022

By diving into the daily timeframe, the price returns back to the $18.000 area.

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 but forms a positive histogram.

The Daily RSI fluctuates under 50 which indicates bearish 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. The price drops under the 50 SMMA line of $1946.04. The Volume Profile indicator determines $19002.17 as a strong trading area.

The 4-hour MACD is positive but forms a negative histogram. The 4-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, it seems that sellers take control of the price once again as the price fails to reach higher levels.

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