Greetings! In this article, I will talk about my most recent technical analysis that I did and explain what I found.

Reversal Incoming?

Ever since the large crash from 30K to 26K, the 24 RSI and MACD on BTC was reset (Both indicators are looking bullish). Furthermore, it did break the long-term support trend line that was responsible for holding the bullish divergence formed during this year.

This means that while we could be very well expecting some kind of reversal soon, it is more probable than not that BTC won't break the long-term support now resistance line and get a hard rejection from those levels. Currently, buying from any point right now would most likely result in profit once sold at the resistance line.

Bearish Breakdown?

Despite the signs of a reversal in the 24-hour time frame, the four-hour timeframe says otherwise. Currently, both the RSI and MACD shown on the four hour time frame has recovered back to neutral territories. Despite this, however, the price of BTC also stayed relatively around the same during the past few days. 

This means that during the next few days, we could be experiencing some kind of drop (Or consolidation). Fortunately, however, this would most likely result only in a maximum drop down to 25.2K. I would only assume this since there isn't a good likelihood that any external factor, such as SEC banning more cryptos, happening (However if it does, BTC will probably go down to 22K), which in turn, will cause the price to stay within the current sideways range formed.

Conclusion

Based on both of these, I can conclude that BTC will most likely stay within a sideways range for the next few weeks (Between 26k to 25.2k) before a retest towards the resistance line (Where it will be most likely rejected).