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 today's dump?

Today, the Bitcoin price was corrected to 27.5k from 28.4k. While this may seem bearish, it is just a natural correction that is necessary for any healthy uptrend (As I said previously, Bitcoin found support at 27.5k, which is the .382 fib ratio).

The uptrend is still prominent in the weekly and daily timeframes EMAs. In the daily timeframe, the 20 EMA is nearly meeting the 50 EMA again and in the weekly timeframe, Bitcoin found support on the 20 EMA and had a strong bounce. This means that in terms of the overall macro trend, Bitcoin is still very bullish.

Additionally, the daily RSI somewhat retreated to neutral territories (However, bitcoin is still leaning towards oversold territories). The weekly RSI is unfortunately still under the RSI resistance, which means that there is still a possibility of this rally being cancelled if Bitcoin does not provide more bullish momentum. In terms of the weekly MACD, however, it is indicating that a large rally is about to take place. The MACD on the weekly territories could indicate that more bullish momentum is on its way, which means a break from the RSI resistance.

In terms of the four hour time frame, the RSI and MACD has been reset to neutral territories. This means that currently, Bitcoin is now ready for further upside gains in the future.

Conclusion

Overall, Today's move towards the downside was very bullish rather than bearish. In this case, Bitcoin managed to reset lower time frame RSI and MACD into neutral territories while claiming a higher low.