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.

Retracement Incoming?

During the past couple of days, Bitcoin has been on a strong uptrend towards 30k. As of today, Bitcoin manage to touch and retain the 40k price region for a few hours and only right now did it retrace towards 29.9k. However, the technical analysis that I did today on Bitcoin suggests that Bitcoin will slightly correct to lower price regions.

4-hour time frame:

In the 4-hour time frame, the RSI is currently still within overbought territories. The MACD, which is still within heavily bought territories has formed a bearish cross (That has been just confirmed). These two indicators suggest a correction in the Bitcoin price within the next few days or so. The retracement can hit targets such as 29k to even 28.5k before continuing an uptrend.

24-hour time frame:

In the 24-hour time frame, the RSI is still within overbought territories. However, despite this, the MACD is still continuing strongly to the uptrend (With the channel still widening). This indicates that Bitcoin will experience some kind of sideways range or a dip in price action in order to form a bearish cross and reset the RSI. Despite this being seemingly bearish, the 20 EMA is still forming a bullish channel over the 50 EMA, which means that a strong structure of support for a bullish divergence is forming.

Weekly time frame:

In the weekly time frame, the RSI is still broken out of the RSI resistance. The MACD is still very bullish, with it confirming a bullish cross. Furthermore Bitcoin is now well-above all EMA levels and the 20 EMA is continuing a bullish channel over the 50 EMA. Overall, due to these indicators, it is likely that for the next couple of months, Bitcoin will stay around the 29-31k range before a catalyst (bullish or bearish) drives the price of Bitcoin into either direction.

Conclusion:

In conclusion, the technical analysis shown in the shorter time frames indicate that Bitcoin will have a slight correction into regional support levels and the technical analysis on the larger time frames indicates that Bitcoin will stay within the 29k-31k range for the next few months before a large move in either direction (Most likely driven by a catalyst).