BTC price analysis, 08.22.2021

BTC-USDT, daily chart

Price action: BTC bounced on the 44k support approximately, where also the trendline passes. Now the bulls seem to be strong enough to reach the 50500 resistance. The last candles are predominantely green. We must keep an eye on the 47k-48k support as the last candle pattern seems to be a little retracement. Besides this, what keeps me away from taking a long position is the RSI divergence.

RSI indicator: the RSI line bounced on the 50 level as previously pointed out. It has reached the trendline and now seems to be rebounced down. For this reason, I'd take long position only for day trading, but not for medium-long term swing trading. The price could follow the same pattern we saw in the last week.

Volume analysis: volumes seems to recover compared to the last week.

BTC-USDT, weekly chart

BTC price is on the most important resistance: the volumes seems to be decreasing, and if goes up this level, it could be a false breakout. Probably, this would not be a problem because the accumulation hypothesis (higher low 45k-40k, equal high 50k) could be taken in exam.

Recap: considering that volumes seems to be recovering, long day-trading positions could be easily taken. For medium-long term positions, I'd like to see a retracement at least on 45k. It could be a good trade-off taking two positions in TWAP: one on 45k and the other on 40k approximately.