Bitcoin price analysis for 6 January 2023

Bitcoin price analysis for 6 January 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 pressure tries to balance between buyers and sellers 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 6 January 2023

By diving into the daily timeframe, the price fluctuates under the daily 50 SMMA line ($18082.00). It seems that the price rejected the $18000.00 zone and move sideways.

The TFLOW V2 Algo has already generated a Long signal.

The Daily MACD is negative with a positive histogram.

The Daily RSI fluctuates below 50.

The 50 Daily SMMA stands above the price, meaning that the bears control the price.

In the 5-hour chart, Bitcoin surpasses and retests the 50 SMMA line of $16780.89. We observe this area for price reaction. The Volume Profile indicator determines $16833.62 as a strong trading area that can act as resistance. The price reached previous tops close to $17000.00.

The 5-hour MACD is positive with a negative histogram. Moreover, the 5-hour RSI fluctuates over 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, the price fluctuates in an uptrend movement for the moment but a price decrease is very likely to happen.

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