Bitcoin price analysis for 8 February 2023

Bitcoin price analysis for 8 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 third 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 8 February 2023

By diving into the daily timeframe, the price fluctuates in a sideways movement, above the daily 50 SMMA line ($19963.03) 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 Williams’ speech today.

The TFLOW V3 Algo has already generated a Take Profit signal.

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 above the 50 SMMA line of $22542.06. The Volume Profile indicator determines $23118.65 as a strong trading area that the price fluctuates close to it. Additionally, the price rebounds from the bottom of the corrective movement. The price maintains the uptrend for the moment.

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