Bitcoin price analysis for 9 September 2022

Bitcoin price analysis for 9 September 2022, Bitcoin, the first largest cryptocurrency based on market cap, is in a downtrend since November 2021. On the fifth 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 but today forms a crossover. The price is still under the 50 SMMA line.

Bitcoin price analysis on the Daily Chart for 9 September 2022

By diving into the daily timeframe, we identify the bullish pressure, as the price breakout over the downtrend trendline. If the daily candle close above the trendline, we expect the price to reach higher.

The TFLOW Beta Algo has already generated a Short Daily signal and a TP signal.

The Daily MACD indicator fluctuates in negative numbers but forms a crossover as the histogram becomes positive.

The Daily RSI fluctuates close to 50.

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

In the 4-hour chart, Bitcoin broke over the downtrend trendline, and continues above the 50 SMMA line. The Volume Profile indicator identifies the 19853.70$ as a strong trading area, which surpassed.

The 4-hour MACD slightly becomes positive. The 4-hour RSI fluctuates under 50, close to the overbought 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 buyers take control of the price as the indications turn positive. If Bitcoin maintain this momentum, a price increase is very likely.

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