Greetings! In this article, I will go over my technical analysis I did today and explain what indicators were notable and future potential scenarios of the BTC price action.

What's Next After 30K?

Today, Bitcoin managed to hit the 30k milestone before retracing towards the 29.5k price regions. In today's article, I will be going over my technical analysis over Bitcoin and potential outcomes from this 30k rally.

4-hour time frame:

In the 4-hour time frame, the RSI is well in overbought territories, along with the MACD nearly forming a bearish cross (Along with being heavily overbought). Both the RSI and the MACD does indicate that a correction is due to come (Within the next day or so). This correction, however, will be most likely a healthy correction in an overall bullish divergence. The correction price targets can be as high as 29k to even 28.5k before potentially continuing the uptrend.

24-hour time frame:

In the 24-hour time frame, the RSI is above overbought territories and the MACD is overbought (With a high chance of forming a bearish cross within the next week or so). While these indicators seem bearish, it is important to account that this rally also managed to put the 20 EMA above the 50 EMA. Furthermore, Bitcoin managed to reclaim crucial support, such as the 20, 50, and 200 EMA levels. Due to this, while the RSI and MACD on the daily time frame indicate a dump, Bitcoin has reclaimed crucial strong support which can be used as a base for potential higher highs.

Weekly time frame:

In the weekly time frame, the RSI has confirmed a break from RSI resistance and the MACD is nearly at a bullish cross. This means that the Bitcoin price won't be restricted due to the RSI resistance (As long as it retains current nearby support regions). Additionally, Bitcoin is now well-above the weekly 20 EMA and 50 EMA, which means that the 20 EMA will be curving well above the 50 EMA (Thus forming a bullish channel). Due to this, Bitcoin has well-placed support ready in case of a dump.

Conclusion:

In conclusion, while Bitcoin could stay within the 28k-30k range (Due to the bullish cross forming on the weekly MACD and the RSI breakout of resistance), without a significant bullish catalyst, such as ETFs (Which is not already priced in that much, as shown with the numerous different times of false ETF hype bolstering Bitcoin into 30k) it cannot breakout of 30K and seek higher price targets, such as 35k.