BTC price analysis, 01.30.2022

BTC-USDT, daily chart

Price action: BTC increased its price from the new bottom at 33k to38k: at the time of writing, price is facing the EMA 12 like 2 weeks ago. Last time this move plunged BTC to a very low level whitin a week. Price is still in strong downtrend as long as it does not go above 38k and EMA 12 consistenly, but a true bullish reversal would occur if also 39500 level is regained. After this, it is possibile to be newly rejected by 42k level, where passes the macro trendline. BTC signed a -50% from the higher high. MACD is in a bullish crossing, but its trend is still in lower lows and lower highs.

RSI indicator: RSI is facing the mid-range like 2 weeks ago, but the bearish trend from December seems to weaken as traced by the bearish trendline. However, bullish trendline is too steep to be considered useful.

Volume analysis: volumes are similar to a bearish flag, and red candles are higher than green ones: there is no clear view on volume analysis.

BTC-USDT, weekly chart

On the weekly, it is easier to look where price bottomed this week: it seems to be on the trendline formed by two lows during June-July. It could be useful to keep an eye on it for an higher low, and then taking position with stop loss under 30k. Also the last volume candle isn't that bad.

Market cap, dominance and ETH-BTC, weekly chart

Market cap is holding a good level, it seems to be great ask under 1.5 trillions. Dominance is increasing though, because investors are running away from high risk positions given by altcoins, but it is still in range. ETH-BTC also seems to be in good shape as long as EMA 50 holds.

Recap: it is necessary to confirm an higher low on the daily steadily regaining at least the 38k support before opening a position, or waiting for a bounce on the 33k level.