Bitcoin price analysis for 8 September 2022

Bitcoin price analysis for 8 September 2022, Bitcoin, the first largest cryptocurrency based on market cap, is in a downtrend since November 2021. On the fourth day of the week it seems that Bitcoin is still 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 on the Daily Chart for 8 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 (17723.39$).

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.

In the 4-hour chart, Bitcoin tries to return to the downtrend trendline, as the price continues to remain under the 50 SMMA line. The Volume Profile indicator identifies as a strong trading area, the 19852.34$. If these areas work as resistance, Bitcoin could reach the 17723.39$ low.

The 4-hour MACD line and the signal line are still negative, but just formed a crossover. The 4-hour RSI fluctuates under 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 still have control of the price as the indicators turn negative, but a price increase is still possible.

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