BTC price analysis, 01.16.2022

BTC-USDT, daily chart

Price action: BTC price found his bottom on the 40k support: now bulls are still fighting to regain the support at 43k where also EMA 12 passes. Price is still in downtrend as long as it does not go above 43k consistently. It is also true that the price pattern is becoming bullish thanks to the higher lows. A true bullish reversal would occur only if we see a long continuation of green candles or a big one in the next days. MACD also crossed bullish, so the situation is in good shape. The retracement from the last "true" top (considering the RSI levels) is of 40%, approximately the same retracement that we've seen in the last dump in the half of 2021.

RSI indicator: RSI is still ranging below the middle level and there is no way to perform a "RSI action" this time, there isn't a true higher low that helps to see an ascending trendline.

Volume analysis: in this week, volumes are scarce, so there is no obvious information to get from this indicator.

BTC-USDT, weekly chart

Last candle could be a stop candle for the bearish continuation, although the upper shadow has been stopped by the EMA 50, that is 45k level. Another green candle in the next week could confirm the bottom. Volumes are very scarce.

Recap: as long as we don't see a true bottom confirmation, there is no clue to take a safe position, neither long nor short ones.