BTC price analysis, 02.28.2022

BTC-USDT, daily chart

Price action: BTC price hit the high liquidity zone at 35k last days, where a lot of long positions could be expected to be there. After a little retracement on the 40k, today the candle is an engulfing bullish, but we must wait the close above the 40k to confirm these bullish movements. Anyway, there is always 42k level to surpass consistenly to achieve a true reversal from the bearish macro (there also passes the EMA 50). MACD is slowly regaining a bullish covergence.

RSI indicator: RSI is just approaching the bearish trendline traced from the other lower highs: if price gets past this, the convergence with price is bullish.

Volume analysis: the big green candle on the liquidity zone at 35k is a very good sign for the bulls, it has the same height of the one of the flashdump occurred in December.

BTC-USDT, weekly chart

On this timeframe, it could be expected a compression cone between 45k and 33k: another approach to the biggest liquidity zone at 45k could happen, but check out the 42k level first.