BTC price analysis, 08.29.2021

BTC-USDT, daily chart

Price action: BTC bounced on the 46500 support approximately, creating a new higher low, but at the same time breaking the trendline. In fact, the last candle pattern is not a bullish one: the bounce on this level did not give a bullish engulfing pattern, but simply regained the mini-dump candle. Starting from 49500 support, the price seems to approach a quite strong sell area. We must keep an eye on the 47k-48k support only for intraday positions. Shorting doesn't seems to be a smart move in this bullish month.

RSI indicator: the RSI line is starting to lose levels. The divergence anticipated the struggling price oscillations around 50k. It is important to maintain the 50 level to stay in a true accumulation area.

Volume analysis: volumes are decrasing, confirming the RSI divergence.

BTC-USDT, weekly chart

The last candle is similar to a bearish inverted hammer, plus has low volumes. It is not a good sign for this short price rally.

Recap: day-trading positions are starting to become more risky than the past week. Now I'd definitely like to see a retracement at least on 45k to take a long position. At this point, short swing trading could be a smart move, but only with few investment, maybe only for hedging the long position.