BTC price analysis, 09.26.2021

BTC-USDT, daily chart

Price action: price hit several times the 40500 support: after the first bounce, it recovered vigorously, but the bad news for crypto coming from China erased the gains. The v-shape recovery with low volumes was too weak to defeat the price correction. This is in a clear bearish channel, however, it could become a bullish wedge. The price could bounce up at the end of this shape, probably when the RSI hits the oversold level. The most important thing to keep an eye on is the 40k support and the liquidity zones around this.

RSI indicator: the RSI line is converging with the decreasing price. Before taking position this line must hold and reverse its momentum.

Volume analysis: volumes are confirming a clearly bearish trend: as long as there isn't a big green volume candle, there is no sign of a true reversal.

BTC-USDT, weekly chart

The bullish macro is maintained as long as the 40k level holds. However, another correction towards the 37k level with a big shadow could happen. This could be a strong sign of bullish presence beneath the 40k.

Recap: as long as there is no sign of reversal on several indicators, there is no clue to start any kind of position. Short position could be dangerous because there is not too much price range to swing.