Bitcoin price analysis for 3 October 2022, Bitcoin, the first largest cryptocurrency based on market cap, is in a downtrend since November 2021. On the first day of this week, it seems that sellers 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 3 October 2022
By diving into the daily timeframe, the price tries to reject the $18.000 area once again while forming a consolidation movement.
The TFLOW Beta Algo has already generated a Short Daily signal and two TP signal, as buyers push 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 forms a consolidation movement. The price fluctuates under the 50 SMMA line of $19454.17 once again. The Volume Profile indicator determines $19196.88 as a strong trading area.
The 4-hour MACD is negative. The 4-hour RSI fluctuates under 50.
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 are relatively stronger than buyers but at the same time the chart seems to be neutral. An upside movement close to the previous highs is very likely, if the price surpasses these resistance areas.
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