BTC price analysis, 09.05.2021

BTC-USDT, daily chart

Price action: in spite of the considerations after the last weekend analysis, now BTC seems to create an accumulation pattern. The price rebounced on 46500, the higher low created last week, that now confirms to be equal low. In the meantime, the price scored an higher high in the last days. The sell area on the 50500 seems to weaken its strenght. Anyway, long-medium term long positions could be taken on the breakout of the last shadow, just at 51500 level. Generally, I don't like this setup for swing trading, but an additional bullish hint could be seen in the BTC dominance: there is a strong bottom, that could suggest an accumulation zone for BTC.

RSI indicator: the RSI line is gaining again higher levels, the bearish trendline seems to be almost broken.

Volume analysis: volumes are slightly increasing, confirming the bullish behaviour of BTC.

BTC-USDT, weekly chart

The last bearish candle seems to be a simple natural retracement, while the last one has a good shadow: this implies that the most concitated zone is between the 48k and 51k levels. The volume is equal to the last one, but now it is bullish.

Recap: I'd take a long position after the breakout of the 51k level, just above the 51500. Prior to this level, it is not worth the risk. Waiting for the retracement on 45k is still a valid option, but maybe it would be better to take long position with half the investment at 51500.