BTC price analysis, 10.31.2021

BTC-USDT, daily chart

Price action: BTC entered a bearish channel: the retracement seems to continue but is still above the 60k. The MACD is confirming the downtrend. The first liquidity zone is between 58-59k, then I would consider the EMA 50 at 55k level a good entry point.

RSI indicator: the RSI line bounced up on the middle line, but now seems to close down a bearish trendline. The bulls are weakening and will wait to enter on the 30 level , that would be coincident with a price between 55-58k level.

Volume analysis: volumes are confirming bearish movement of price, but there is no big sell off: the breakout was not a fakeout for this reason, the price is just slowly retracing to a better entry point for who missed the big pump.

BTC-USDT, weekly chart

Last candle confirmed the inverted hammer. On the macro, BTC is still bullish. It is probable that price could retrace on the first major support at 53k or 55k level because of EMA 50. Above the 50k level, the price is safe and sound.

Recap: at the moment, it is advisable to wait the retracement on the 58k for taking a little position, then charge bigger investment on lower levels, especially on 55k.