BTC price analysis, 09.12.2022

BTC-USDT, weekly chart

Price action: BTC goes sideways from June ranging between 18k and 25k approximately. All the EMAs are above actual price, so there are a lot of resistances to face. MACD approched the intersection, but its trend is always descending from April 2021, so it is not a reversal signal for now. As said in the post before, a good reprise would occur only if price gets above 25k steadily, getting away from the danger zone.

RSI action: good sign from this indicator, as it achivied a higher low, and now is approaching again the descending trendline.

Volume analysis: last volume candle is really strong, meaning that istitutional investors are buying and selling with force. More details in the screenshots below.

This indicator is the volume profile: as you can see, there is a lot of volumes around 20k zone, that means this level is a strong resistance now. Also 25k level is a liquidity selling zone, but seems to be less strong than the previous resistance at 20k.

BTC-USDT, monthly chart

Looking at this timeframe, the situation did not change too much from past months: there are multiple inside bars that confirm the sideways movement of Bitcoin. Volumes are strong though, and RSI also is in a bottom zone, so it could be a good zone for accumulating coins.