BTC price analysis, 12.19.2021

BTC-USDT, daily chart

Price action: The whole crypto market is very low volatile these weeks. BTC price formed a clear bearish channel, and is still below EMA 200, plus is currently being rejected also by EMA 12. Support at 47k seems to become a resistance by the time we are writing. There is no true sign of reversal as long as it regains the 50k level at least. MACD is accumulating though, but needs more confirmation. Next support is at 45k, but the strongest one is on 42k.

RSI indicator: RSI is starting to behave like a bullish signal due to accumulation on the 30 level, but a rejection at 50k (that is at RSI middle level) could be very probable to happen.

Volume analysis: there is no sign of volume neither from bulls nor from bears at this time.

BTC-USDT, weekly chart

Last candle is giving a bearish continuation signal, but is above the dynamic support given by EMA 50, that could become a reversal point in future weeks. All in all, volume bars continue to decrease their size: without a catalyst news or without hitting a strong support, these bearish-sideways trend could continue in the next months.

Recap: other cryptos are starting to exit their falling wedges patterns breaking bullish, but without the help of BTC or ETH, this signs are poor for a bullish view. BTC dominance is still in range, but just bottomed, so altcoins could stop this temporary rally. There is no good sign to take nor a long position neither a short one because of the bullish pattern on the macro.