Bitcoin price analysis for 7 March 2023

Bitcoin price analysis for 7 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 second day of this week, it seems that sellers 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 is over 50 areas. The price is still under the 50 SMMA line.

Bitcoin price analysis on the Daily Chart for 7 March 2023

By diving into the daily timeframe, the price rejects the previous resistance area and fluctuates over the daily 50 SMMA line ($21307.64). It seems that the price tries to encounter the 50 SMMA. A continued price decrease is very likely to happen. Be aware of Jerome’s Powell testimony today.

The TFLOW V3 Algo has already generated a Short signal.

The Daily MACD slightly turns negative.

The Daily RSI fluctuates below 50.

In the 5-hour chart, Bitcoin fluctuates below the 50 SMMA line of $23054.07 and the Volume Profile indicator which determines $23051.59 as a strong trading area. The price failed to stay above these indicators and a new downtrend is being created.

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

Conclusion

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, sellers push the price lower and a new downtrend can be created within the next days.

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