Bitcoin price analysis for 8 November 2022

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Bitcoin price analysis for 8 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 second day of this week, it seems that the pressure 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 oversold zone. The price is still under the 50 SMMA line.

Bitcoin price analysis on the Daily Chart for 8 November 2022

By 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 positive with a negative histogram.

The Daily RSI fluctuates below 50.

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

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In the 5-hour chart, Bitcoin fluctuates below the 50 SMMA line of $20340.02. The Volume Profile indicator determines $20714.02 as a strong trading area. The price fluctuates under these indicators while a retest back to them is very likely.
The 5-hour MACD slightly turns negative. The 5-hour RSI fluctuates below 50 but is 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 push the price lower. The price tries to encounter major support areas.

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