Bitcoin price analysis for 9 December 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 fifth day of this week, it seems that the pressure between buyers and sellers tries to balance 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 9 December 2022
Bitcoin price analysis on the Daily Chart for 9 December 2022
By diving into the daily timeframe, the price rejected the daily 50 SMMA line ($19028.91) and dropped sharply below the major support zone of $18000. The price seems that fluctuates in an uptrend for the moment and tries to encounter previous resistance areas.
The TFLOW V2 Algo has already generated a Short signal.
The Daily MACD indicator is negative with 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 5-hour chart, Bitcoin fluctuates over the 50 SMMA line of $16988.42 once again. The Volume Profile indicator determines $16601.87 as a strong trading area. It seems that price rejected this zone.
The 5-hour MACD is positive. 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 maintains the uptrend as buyers push the price higher once again.
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