BTC price analysis, 05.01.2022

BTC-USDT, daily chart

Price action: BTC continues its downtrend on the daily. Now it is laying on the support where a lot of engulfing bullish candles started in the past months. It is a crucial level to hold for an eventual reprise. EMAs becomed strong resistances, especially if we look at the candle that tried to pierce the EMA 50. MACD is slowly falling down and doesn't give any bullish sign. Anyway, the lower trendline of the macro-channel passes through 35k level, where is a lot of bullish bias. We have to expect candles like the other ones that form the lower trendline for an accumulation on the macro, otherwise the distribution could start.

RSI indicator: RSI is holding prior levels. Looking at price downtrend, that is a bullish sign.

Volume analysis: volumes don't give a clear sign of trend, but the height of the candles above the medium average states that investors are interested in crypto market.

BTC-USDT, weekly chart

On this timeframe there is a clear vision of the trend, and confirms what can be seen on the daily: 37-38k support is a strong level, but 35k could be where a price rebounce would occur.

BTC-USDT, monthly chart

On this timeframe it can be seen a compression shape from december. Looking at the volumes, sell-off is not so strong, and seems to be a balance between bulls and bears. That said, RSI movements could be worrying: there is a clear divergence between price and RSI, that is forming lower highs and lower lows. Looking at this chart, it can't be excluded a retracement to 30k where RSI should approach hypersold levels.