Bitcoin price analysis for 7 February 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 second day of this week, it seems that buyers try to control the price based on the weekly Heikin Ashi Candlestick. The weekly MACD is still negative but forms a positive histogram. The weekly RSI is over the 50 areas. The price is still under the 50 SMMA line.
Bitcoin price analysis on the Daily Chart for 7 February 2023
By diving into the daily timeframe, the price fluctuates above the daily 50 SMMA line ($19890.22) and close to previous resistance zones. It seems that the price surpasses the $18000.00 area. The price continues higher without forming a daily correction. We observe this area for a possible price decrease. Be aware of Jerome’s Powell speech today.
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The Daily MACD is positive with a negative histogram.
The Daily RSI fluctuates over 50 and seems that returns from the overbought zone.
In the 5-hour chart, Bitcoin fluctuates sideways and tries to encounter the 50 SMMA line of $22474.89. The Volume Profile indicator determines $23119.69 as a strong trading area that the price fluctuates close to it. Additionally, the price encounters the bottom of the corrective movement. The price maintains the uptrend for the moment.
The 5-hour MACD is negative. Moreover, 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 moves sideways in a specific range. Obviously, buyers are relatively stronger for the moment, as they lead the price back to previous resistance zones, and we observe the price reaction over the 5-hour 50 SMMA.
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