Bitcoin price analysis for 6 October 2022

Bitcoin price analysis for 6 October 2022, Bitcoin, the first largest cryptocurrency based on market cap, is in a downtrend since November 2021. On the fourth day of this week, it seems that buyers try to 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 6 October 2022

By diving into the daily timeframe, the price tries to reach the downtrend trendline.

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 over 50.

The 50 Daily SMMA stands above the price which means that the bears control the price.

In the 4-hour chart, Bitcoin forms an uptrend close to the previous highs. The price fluctuates over the 50 SMMA line of $19615.21. The Volume Profile indicator determines $19153.68 as a strong trading area, which surpassed.

The 4-hour MACD is positive. The 4-hour RSI fluctuates over 50 but is close to the overbought zone.

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 push the price higher, close to the downtrend trendline. We observe the price for a possible upcoming drop as it reaches areas that are dominated by sellers.

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