Bitcoin price analysis for 7 September 2022

Bitcoin price analysis for 7 September 2022

Bitcoin price analysis for 7 September 2022, Bitcoin the first largest cryptocurrency based on market cap, is in a downtrend since November 2021. On the third day of the week it seems that Bitcoin is under sellers’ pressure based on the weekly Heikin Ashi Candlestick. The weekly MACD is still negative but forms a positive histogram. The weekly RSI fluctuates below 50, and the price is still under the 50 SMMA line.

Bitcoin price analysis for 7 September 2022

Bitcoin price analysis on the Daily Chart for 7 September 2022

Bitcoin price analysis for 7 September 2022

By diving into the daily timeframe, we identify the bearish price action, as the price forms Lower Highs and Lower Lows. Bitcoin is in a downtrend and heading towards the previous low.

The TFLOW Beta Algo has already generated a Short Daily signal.

The Daily MACD indicator fluctuates in negative numbers which indicates bearish pressure.

The Daily RSI fluctuates below 50 which confirms a bearish momentum but is close to the oversold zone.

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

Bitcoin price analysis for 7 September 2022

In the 4-hour chart, Bitcoin forms an aggressive drop from the downtrend trendline. Also, the price continues to be under the 50 SMMA line. The Volume Profile indicator identifies as a strong trading area, the 19871.09$.

The 4-hour MACD line and the signal line are still negative, and the 4-hour RSI fluctuates under 50, but close to the oversold 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 sellers still have the control of the price as the indicators turn negative.

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