BTC price analysis, 01.23.2022

BTC-USDT, daily and monthly chart

In this situation, it is pretty impossible to define a trade position: price is bearish on all timeframes, except for the monthly. Bearish volumes kicked in harshly and major support and trendlines did not hold the price from plunging. Also the last candle is being rejected on the EMA 12 on 4hr chart, so there is no reversal neither on lower timeframes.

The monthly candle just touched the 35k support, forming an little higer low (it is much like an equal low), so the bear market is not started yet. However, this is the last support for a bullish price action on this timeframe.