BTC price analysis, 11.7.2021

BTC-USDT, daily chart

Price action: BTC broke the bearish channel: now candles are forming an accumulation pattern with equal highs and higher lows. As long as the price keeps above 60k, another retest of the ATH is probable. On the flip side, indicators are not so bullish: MACD is confirming the downtrend and EMAs are still a bit far from the actual price. The first liquidity zone is between 58-59k (where EMA 50 is approaching), then I would consider the support at 52k level for a good entry point.

RSI indicator: the RSI lineis still under a bearish trendline. The reversal or the uprise are in a 50-50 probability to happen.

Volume analysis: volumes are weakening, this week was not an eventful one for BTC (some altcoins performed very well thoug).

BTC-USDT, weekly chart

Nothing relevant to see from the last week, but last candles are confirming an accumulation. It seems that 59500 is the new confirmed big support.

Recap: at the moment, an aggresive position could be taken on the 60k level, otherwise on the one that is approaching the EMA 50, that is 57k.