BTC price analysis, 07.26.2022

BTC-USDT, weekly chart

Price action: BTC is slowly recovering from the big dump occurred 6-7 weeks ago. For the first time from about 2 months, price touched EMA 200 again on weekly, that passes at 24k dollars approximately, giving us more space for a higher low or a temporary breath. MACD is approaching the intersection, but its trend is always descending from April 2021. A good reprise would occur only if price gets above 25k steadily, getting away from the danger zone. As long as geopolithical situations don't start to change, markets will not move far away from where are now.

RSI action: trend is similar to MACD, it is giving lower highs from October, but in June hit hypersold level never seen on this chart (look for the monthly chart below). This is undoubtly a sign of possible accumulation for investors.

Volume analysis: volumes are regaining force, especially in the last week, the green candle is very big and moving average is trending upwards, meaning big investors are re-entering in the market in the last month.

BTC-USDT, monthly chart

As you can see, RSI indicator hit its lowest point ever last month. Considering that the previous top was 20k, this could be a point of bottom for this cycle. Another big green volume candle like this of July could confirm this hypothesis.

ETH-BTC, weekly chart

Ethereum has a better price action than Bitcoin, that is probably for the news about the Merge. In fact, charts is temporary bullish: as long as EMA 200 is kept out, that is at 0.05, the situation is under bulls control.