BTC price analysis, 10.03.2021

BTC-USDT, daily chart

Price action: as stated in the post before, the reversal happened with the confirm of the RSI increase. Now the price is orbiting nearby the 48k resistance, that is the price where price dumped. After the last pump, the price could retrace a little to take some bulls that was left behind, approximately on the 45k level. After this, it could reach again the 50k level. Here the price will encounter the bearish trendline that is shown on a macro scale.

RSI indicator: the RSI line hit the overbought zone, and the price hit a strong resistance. Probably the RSI will retrace to the middle line and then bounce up again with price towards 50k level.

Volume analysis: volumes confirmed a bullish reversal, but the height of the green bars is still below of the red ones: probably, bears are waiting on a higher level, that could be 50k.

BTC-USDT, weekly chart

The last candle is quite a bullish engulfing one. It regained the dump of last week and made an higher low, so the sentiment is still bullish.

Recap: it could be a good idea to take position on a 45k retracement, and set the take profit on the 50k level where the bearish trendline goes through the price candles.