Bitcoin price analysis for 31 March 2023

Bitcoin price analysis for 31 March 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 fifth day of this week, it seems that buyers try to take the control of the price based on the weekly Heikin Ashi Candlestick. The weekly MACD slightly turns positive. The weekly RSI is over 50 areas and close to the overbought zone. Lastly, the price tries to surpass the 50 SMMA line.
Bitcoin price analysis on the Daily Chart for 31 March 2023

By diving into the daily timeframe, the price fluctuates over the daily 50 SMMA line ($23130.79) and the $25242.91 area. Obviously, buyers push the price above previous resistance zones.

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

The Daily MACD slightly is positive with a negative histogram.

The Daily RSI fluctuates over 50.
In the 5-hour chart, Bitcoin fluctuates sideways over the 50 SMMA line of $26598.25 and the Volume Profile indicator that determines $22158.73 as a strong trading area.

The 5-hour MACD is positive with a negative histogram. Moreover, the 5-hour RSI fluctuates below 50.

Conclusion

To sum up, the price of Bitcoin forms a bearish momentum in a medium-term scale as the technical analysis and the indicators coincide. In a short-term scale, buyers push the price above previous resistance areas. We observe the current area as a corrective movement is very likely to appear.

Read all the latest Crypto Analysis Articles here.

Join the TFLOW Trading Community: https://t.me/tflowglobal