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Bitcoin price analysis for 13 January 2023, 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 buyers try to control 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 13 January 2023
By diving into the daily timeframe, the price fluctuates above the daily 50 SMMA line ($18046.09). It seems that the price surpasses the $18000.00 area. We observe this area for a possible retest.
The TFLOW V2 Algo has already generated a Long signal.
The Daily MACD slightly is positive.
The Daily RSI fluctuates over 50 and close to the overbought zone.
In the 5-hour chart, Bitcoin fluctuates above the 50 SMMA line of $17175.23. The Volume Profile indicator determines $16792.69 as a strong trading area that has been surpassed too. The price fluctuates above previous resistance zones.
The 5-hour MACD is positive. Moreover, the 5-hour RSI fluctuates over 50 and 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, the price fluctuates in an uptrend movement but a correction is very likely to appear. Buyers are relatively stronger in daily timeframe for the moment, as they lead the price above previous resistance zones.
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