Bitcoin price analysis for 7 December 2022, 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 third day of this week, it seems that the pressure between buyers and sellers tries to balance 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 7 December 2022
Bitcoin price analysis on the Daily Chart for 7 December 2022
By diving into the daily timeframe, the price rejected the daily 50 SMMA line ($19101.65) and dropped sharply below the major support zone of $18000. The price seems that fluctuates in an uptrend for the moment.
The TFLOW V2 Algo has already generated a Short signal.
The Daily MACD indicator is negative with a positive histogram.
The Daily RSI fluctuates below 50.
The 50 Daily SMMA stands above the price which means that the bears control the price.
In the 5-hour chart, Bitcoin fluctuates on the 50 SMMA line of $16984.24. The Volume Profile indicator determines $16601.87 as a strong trading area. It seems that price tries to encounter this area.
The 5-hour MACD is positive with a negative histogram. The 5-hour RSI fluctuates below 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 forms a neutral movement for the moment with sellers being relatively stronger.
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