BTC price analysis, 01.02.2022

BTC-USDT, daily chart

Price action: BTC has been rejected just below the fundamental level of 53k. Also the EMAs are above the current price, and the 50k support did not hold the line. Price returned where it bottomed, approximately below 47k. MACD gives a bearish crossing signal and the EMA 12 now seems to be the first dynamic resistance to break down.

RSI indicator: RSI broke the trendline and the mid level, confirming the price crash. We must wait for the indicator to give another lower high before studying a position.

Volume analysis: volumes confirmed the downtrend, although they are still scarce.

BTC-USDT, weekly chart

As long as the support given by EMA 50 is not broken and, after that, the break of the macro trendline in green, the situation is still under bullish control.

Recap: as long as the price doesn't reach the 53k safely, there is no reason to take long position on BTC.