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

Sideways range until ETF decision?

In my most recent article, I went over how Bitcoin is more likely to hit 28k before any kind of retracement. While I still believe that to be true, I had a realization in both the chart indicators and the current situation that Bitcoin is in right now.

Currently, there isn't really much of a reason for Bitcoin to rapidly go up or down right now (It won't go rapidly up due to there being no catalysts and it won't go rapidly down due to the strong level of support in the 24k-25k regions). Furthermore, the bars on the MACD indicator does support this theory as well. At this moment, the daily MACD is losing bullish momentum, however, at the same time, the RSI is still within neutral territories. This means that the next downside move will most likely be very miniscule (Same can be applied for any upside move right now).

Additionally, the 20 EMA is looking like it is going to form a double bottom. This means that the current price, as it is, will only move within a small range.

If we apply this knowledge to the current situation of Bitcoin, we could see that there is no catalyst of any kind until October 17th (Mandatory ETF decision date). In other words, while there are possibilities of fake outs in both the downside and upside, without any kind of catalyst, Bitcoin will be suspended within a miniature sideways range until October 17th (Low bullish and low bearish momentum = sideways range).