Bitcoin price analysis for 7 October 2022

Bitcoin price analysis for 7 October 2022, Bitcoin, the first largest cryptocurrency based on market cap, is in a downtrend since November 2021. On the fifth day of this week, it seems that the price tries to balance between buyers and sellers 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 7 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 $19660.78 and tries to encounter it. The Volume Profile indicator determines $19153.68 as a strong trading area, which surpassed.

The 4-hour MACD is positive but forms a negative histogram. The 4-hour RSI fluctuates over 50 but is close to the balance 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 that the price is already exhausted as it tries to encounter the 50 SMMA line.

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