BTC price analysis, 09.12.2021

BTC-USDT, daily chart

Price action: in the past days we assisted to a bull trap on the 52500 level. In one day the bears reached the 44k level. Looking the macro trend, this 52500 level is a local top: this is a lower high compared to the last 59500 high. BTC is drawing a hysosceles triangular shape, that could mean accumulation or distribution phase. If the 46k level is recovered in the next days, the probabiliy of an accumulation is much higher than a distribution. Anyway, taking position is prohibitive in this situation, especially long term ones.

RSI indicator: the RSI line bounced on the first level of oversold. Probably, when it hits the middle line, there will be some price struggling. After complete regain of this level, it can be studied a way to take a long position pretty safely.

Volume analysis: volumes are not confirming any bullish pattern for now.

BTC-USDT, weekly chart

The price movements are more clear on the weekly: as previously mentioned, if the last candle closes above the 46k level, the situation is still under control of the bulls. Actually, it would be still under control of these ones also if the price reaches the 40k zone, but probability decreases in favour of the bears.

Recap: I would not take any position at this moment, it is a no-trade zone. It is not insane to take a first position at this level and a second one at 40k zone though.