BTC price analysis, 10.10.2021

BTC-USDT, daily chart

Price action: the price did not retrace after the pump towards the 48k level, it just returned to 47k and then pumped again. It was common thought that a deeper retracement where also passes the EMA 50 line would happen. The pump was so strong that price breakout over the last higher high, invalidating also the macro bearish trendline. Now, the price seems to find big resistance level on the 55k. At this point, waiting for a retracement is the most safe way to enter a long position: the first support level is the 52-53k, then the psychological 50k one.

RSI indicator: the RSI line was pushed above the overbought level of 70, confirming the price increase. But now, it seems to be producing higher lows, so the uptrend is weakening.

Volume analysis: volumes are not so strong as one could think for this price pump, but they are still decent compared to the recent red volume candles: it seems that green volumes are increasing in this weekly timespan.

BTC-USDT, weekly chart

The last week candle was confirmed by a bullish progression as expected, confirming the bullish trend.

Recap: taking long or short positions is not safe, it is better to wait an organic retracement towards the 53-50-48k.