BTC price analysis, 02.22.2022

BTC-USDT, daily chart

Price action: BTC made a double top structure (reverse W-shape) and erased some of the gains made by now. The optimal situation would have been a retracement on 39k and a consequent pump, but this did not happpen. Now price is lying on a decent support, but it is not sufficient: it could probably retrace to the stronger weekly support at 35k. The macro trendline also passes on this level. EMAs are totally bearish and MACD is declining.

RSI indicator: RSI doesn't seems to give a clear bottom signal but, compared to the value of 1 month ago (where bottomed), now is on a higher level. Price could be slowly accumulating if 35k holds.

Volume analysis: volumes are not so useful to study, they are scarce and mostly with bearish bigger candles.

BTC-USDT, weekly chart

Shortly, as long as there is no reversal on this timeframe, it is not so cautious to take position. On the macro price is moving not so bad, but it is close to the hypothetical bottom. 35k is a good spot anyway for a long position.