Bitcoin price analysis for 30 September 2022, Bitcoin, the first largest cryptocurrency based on market cap, is in a downtrend since November 2021. On the fifth 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 30 September 2022
By diving into the daily timeframe, the price tries to reject the $18.000 area once again.
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 fluctuates in a downtrend. The price returns back to the 50 SMMA line of $19517.06 once again. The Volume Profile indicator determines $19002.17 as a strong trading area.
The 4-hour MACD is positive. The 4-hour RSI fluctuates over 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 buyers are relatively stronger than sellers but they lead the price back to resistance areas. An upside movement close to the previous highs is very likely, if the price surpasses these resistance areas.
Read all the latest Crypto Analysis Articles here.
Join the TFLOW Trading Community: https://t.me/tflowglobal