BTC price analysis, 11.28.2021

BTC-USDT, daily chart

Price action: BTC entered a descending channel confirming the retracement cycle. A huge bearish candle started on 11.26, confirming a double top with the crossing of EMA 50 between 58-59k. Price stopped its fall on 53500, just before the biggest support in this area, but it did not bounce up, instead is distributing aroung that level. At this time, it is not recommended to take a speculative position at all, there is no price action sign of reversal.

RSI indicator: the RSI line did not follow the bullish trendline that was forming with higher lows, but it is still above the level of the first dump of November, that is a good sign after all: this level will be crucial for keep the macro trend bullish in the next months.

Volume analysis: there is a confirmation of the price downtrend, red candles are much higher than green ones but last dump candle is shorter than the first dump one.

BTC-USDT, weekly chart

On the macro, situation is still under bullish control, but it is crucial for BTC to consolidate in this zone to confirm the strenght of this support.

Recap: at the time of writing, there is no need to hurry opening positions, especially if you DCAed positions between 60k and 53k.