BTC price analysis, 03.6.2022

BTC-USDT, daily chart

Price action: the engulfing bullish candle of one week ago determined a strong resistance of the levels below 40k. Anyway, BTC price has been rejected in the last days approximately to the level where the big green candle started. There is a strong fight between bulls and bears: the last ones rejected the price on the big liquidity zone, where also EMA 200 daily passes. All in all, the situation for bulls is in good shape because more higher lows are creating during this fight. MACD higher lows are confirming the little uptrend.

RSI indicator: RSI broke the green trendline on the daily, but on a bigger view, it is achieving higher lows as well (but also lower highs). It is a very balanced fight.

Volume analysis: volumes are regaining strenght compared to the candles of last months, and this is a good sign for the market.

BTC-USDT, weekly chart

Candles are making complexively higher lows and equal highs, so price seems to be accumulating. Anyway, last candle gives an harshly rejection from bears on 45k. Volume candle is good although.

ETH-BTC, weekly chart

Ethereum is in a bullish channel for now, but price hit the bottom of the lower trendline twice in two months, where also EMA 50 passes. 0.065 must hold to keep intact this channel.

BTC dominance, weekly chart

Last candle is a good sign for the market because investors give credit in altcoins and not only in BTC. It is achieving lower highs and equal lows from a lot of weeks, so the trend is good.

Total market cap, weekly chart

The situation is bullish on high timeframes, but in the last weeks price made equal lows and lower highs, so it is not optimal. As long as 1.5T holds, there are no big worries.