BTC price analysis, 01.09.2022

BTC-USDT, daily chart

Price action: BTC price confirmed the bearish continuation of last weeks and bulls did not manage to hold the support at 45k neither the more important one at 42k. This is now the resistance that bulls are trying to pass upon it, confirming the low and attempting a reversal. It is interesting to see that price stop his fall (for now) on the macro trendline (starting from October 2020). The EMAs are far away from the price, so an eventual bullish reversal will be facing these dynamic resistances. MACD confirmed the bearish crossing of the last week.

RSI indicator: RSI (I use mostly lenght 7) hit very low hyper sold level. RSI 14 hit the level of the last pump of middle July. Taken all these considerations, this indicator could have bottomed, so bulls can try to beat bears seriously.

Volume analysis: volumes confirmed the downtrend and also broke the medium average, although a continuation of little green increasing candles could be the ending of the bear flag started on the bounce of EMA 12 (the one in green).

BTC-USDT, weekly chart

Unfortunately, price broke the dynamic support given by the EMA 50, but this price action has been seen also in middle 2021. In addition, if price closes above the 42500, it would be an equal low, that gives more space to bulls for a run. Also the RSI is having a "RSI action" similar to the one of middle 2021, and hit the hyper sold level.

Total Market Cap, weekly chart

In this case, the EMA 50 support worked, and is closing above the last flash dump level. Altcoins market is complessively in a good shape, and this could be a bullish sign for this sector.