Bitcoin price analysis for 3 November 2022, 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 fourth day of this week, it seems that buyers 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 oversold zone. The price is still under the 50 SMMA line.
Bitcoin price analysis on the Daily Chart for 3 November 2022
Bitcoin price analysis on the Daily Chart for 3 November 2022
By diving into the daily timeframe, the price surpassed the downtrend trendline and fluctuates back to previous resistance areas.
The TFLOW V2 Algo has already generated two Short Daily signals. Meanwhile, a potential Long signal signing.
The Daily MACD indicator is positive for the moment.
The Daily RSI fluctuates over 50.
The 50 Daily SMMA stands above the price which means that the bears control the price for the moment.
In the 5-hour chart, Bitcoin surpassed the downtrend trendline. The price fluctuates above the 50 SMMA line of $20031.05. Actually, already retested it. The Volume Profile indicator determines $19173.97 as a strong trading area. The price fluctuates over these indicators while trying to form a correction.
The 5-hour MACD slightly turns negative. 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, it seems that buyers pushed the price higher. The price surpassed major resistance areas. The 5-hour indicators seem to be exhausted and a price decrease or a flat movement is very likely to happen. The price encounters the first support area of 50 SMMA line.
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