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Bitcoin price analysis for 2 February 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 fourth 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 trying to surpass the 50 area. The price is still under the 50 SMMA line.
Bitcoin price analysis on the Daily Chart for 2 February 2023
By diving into the daily timeframe, the price fluctuates above the daily 50 SMMA line ($19559.06) and close to previous resistance zones. It seems that the price surpasses the $18000.00 area. The price continues higher without forming a daily correction. We observe this area for a possible price decrease.
The TFLOW V3 Algo has already generated a Take Profit signal.
The Daily MACD is positive with a negative histogram.
The Daily RSI fluctuates over 50 and seems that returns from the overbought zone.
In the 5-hour chart, Bitcoin fluctuates sideways above the 50 SMMA line of $22001.08. The Volume Profile indicator determines $23099.71 as a strong trading area that the price fluctuates on it. Additionally, the price encounters the high of the corrective movement.
The 5-hour MACD is positive. Moreover, 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 moves sideways in a specific range. Obviously, buyers are relatively stronger for the moment, as they lead the price back to previous resistance zones, but a price decrease is very likely to happen.
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