Bitcoin price analysis for 7 November 2022

Bitcoin price analysis for 7 November 2022

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Bitcoin price analysis for 7 November 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 first day of this week, it seems that buyers 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 oversold zone. The price is still under the 50 SMMA line.

Bitcoin price analysis for 7 November 2022Bitcoin price analysis on the Daily Chart for 7 November 2022

Bitcoin price analysis for 7 November 2022By diving into the daily timeframe, the price surpassed the downtrend trendline and fluctuates back to previous resistance areas. It seems that the price rejected the daily 50 SMMA line.

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The Daily MACD indicator is still positive.

The Daily RSI fluctuates over 50.

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

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Bitcoin price analysis for 7 November 2022

In the 5-hour chart, Bitcoin fluctuates above the 50 SMMA line of $20348.71. The Volume Profile indicator determines $20596.07 as a strong trading area. The price fluctuates over these indicators while trying to retest them.
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, it seems that sellers push the price lower. The price tries to encounter previous support areas

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