Bitcoin price analysis for 9 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 third day of this week, it seems that sellers try to take control of the price 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 November 2022
By diving into the daily timeframe, the price rejected the daily 50 SMMA line and dropped sharply.
The TFLOW V2 Algo has already generated a Short signal.
The Daily MACD indicator slightly turns negative.
The Daily RSI fluctuates below 50.
The 50 Daily SMMA stands above the price which means that the bears control the price.
In the 5-hour chart, Bitcoin fluctuates under the 50 SMMA line of $20167.83. The Volume Profile indicator determines $19233.87 as a strong trading area. The price fluctuates under these indicators while retesting the strong support of $18.000.
The 5-hour MACD slightly is negative. The 5-hour RSI fluctuates below 50 but is close to the oversold zone.
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 encounters major support areas.
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