BTC price analysis, 11.14.2021

BTC-USDT, daily chart

Price action: BTC confirmed the accumulation pattern of last week, signing a new ATH. The bullish trendline is still confirmed, but with the higher highes trendline is forming a bearish wedge. It could happen a retest of the last ATH and then take a sharp retracement. MACD is confirming the downtrend and EMAs are still a bit far from the actual price: it is interesting to keep an eye on the EMA 200, that is laying on the macro bullish trendline. It could be probable that a strong retracement could hit these signals to start a new bullish wave. The 52k level seems a good trade-off as entry point, but for now, it is still far away. The EMA 50 could be still a good support for a medium size retracement (that is 10% instead of 20% to 52k).

RSI indicator: the RSI line broke the bearish trendline, but bounced back at a level lower compared to last ATH. The reversal could happen after the closing of the bearish wedge (so another little spike must be expected to happen) .

Volume analysis: volumes break through the MA, in fact price went for ATH. Anyway, candles are weakening from the first ATH of mid-October.

BTC-USDT, weekly chart

On the macro, situation is still under bullish control, anyway candles are forming big shadows that create a big sell zone above the 65k level.

Recap: a short term position could be taken on 64k level (at this moment) and take profit on the last ATH (maybe a leveraged one); for a mid-long term position it is advisable to go long on 60k level and below (57 and 53k).