BTC price analysis, 11.22.2021

BTC-USDT, daily chart

Price action: the bearish wedge of last week was broken, starting a new retracement cycle. Price bounced above the 56k level approximately, where belongs a prior weekly support. Then the candle was rejected on the macro resistance at 60k, invalidating a potential v-shape formation. The downtrend is confirmed also by the EMA 50, that is above the current price. Anyway, the price is creating a bullish wedge now. It could happen an accumulation on the 56k level but it will need some days to confirm this hypothesis. It is crucial to set a stop loss just under the breakeven point if you want to take position at 56k, that is under the wedge.

RSI indicator: the RSI line is still under the bearish trendline, but now seem to form an "accumulation pattern" making higher lows. If a reversal breaks this trendline, it is a confirmation of the price raise .

Volume analysis: there is a confirmation of the price downtrend, red candles are much higher than green ones.

BTC-USDT, weekly chart

On the macro, situation is still under bullish control, anyway there is a clear downtrend wave.

Recap: a position could be taken on the last support, where is also the bearish trendline, but it is highly advisable to have a big shot if price retraces on the 53k level.