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.

Rally to 28k or dump to 24k?

Around 1 week ago, Bitcoin did a rally towards 27.2k before correcting down towards 26.5k. However, don't let this fool you, as a large majority of the chart/technical indicators tell otherwise.

Currently, Bitcoin is sitting directly in between the 20 ema support and 50 ema resistance. This means that the rally hasn't been invalidated yet. Furthermore, the 24 hr RSI is still well above the RSI resistance and is at neutral territories, which means that a possibility of further dumping is highly unlikely without the help of any catalyst. 

Additionally, the price is currently well above the 1 week 200 ema support level and under the 20/50 ema resistance levels (Which is relatively neutral). The daily MACD also looks like it still has potential for more upside and a bearish cross hasn't been confirmed yet.

Due to these technical factors, it is more likely than not that Bitcoin will rally up to 28k before some kind of correction.

Despite these bullish indicators, however, I would still be cautious because on the weekly time frame, a bearish .382 candle has been confirmed (Which indicates an exhaustion in bullish momentum).

Conclusion:

Considering all these technical factors, I would say that it is more likely that Bitcoin does a rally towards 28k in the minimum due to the 24 hr RSI, MACD, and the support held at the 20 ema. Furthermore, the 25k-24k support level, in my opinion, is bound to have a stronger reaction (Than being rejected at 27k) and without a strong bearish catalyst, I don't expect Bitcoin to break that strong level of support.