BTC price analysis, 08.16.2021

BTC-USDT, daily chart

Price action: BTC seems to struggle on the 47k level support: despite of the last big green candle, pushed on the 44k level, there is no strong bullish sign anymore. The last three candles assume the shape of the prior candle formation that gave retracement to the last daily strong support of 43500. I expect a retracement on the 45k level approximately in the next days. If we consider the Gann fan extension (in light grey), it could be safer to take long position at 43500, maybe with a huge shadow.

RSI indicator: the RSI gives a clear divergence between the indicator value and the price rise. Buying power is decreasing, I expect that RSI will be pushed above 50 level when hitting this, and stay beyond this for some days. Then, I think that could begin a relatively strong retracement up to 38-40k level.

Volume analysis: volumes give divergence with price, as RSI does. They are slowly decreasing, and red candles are becoming dominant in the last 10 days.

Recap: after all these consideration, there is no clue to take a long position at this price, despite of the temporary bull run. In addition, I think that a lot of short are waiting just above this 47k level, maybe at 50k. For this reason, I'd start a short in TWAP at this price for the first entry and at 50500 for the second one.