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.

Temporary Breakout to 28K soon?

The Bitcoin price went down to as low as 26k, however rebounded from those levels relatively quickly. While this can be seen as a bullish .382 candle, the weekly and daily time frames say otherwise.

Currently, the daily MACD has nearly confirmed a bearish cross, however, the RSI is still in neutral territory, which means that Bitcoin will most likely stay within a sideways range until early October, where there maybe some rallies towards 27k and maybe 28k. This can be also supported by the weekly timeframe where there is a similar situation. On both the weekly and daily, the price is still under the 20 and 50 ema.

However, one could argue in the four hour time frame, it is showing bullish signals. The MACD confirmed a bullish cross (After another failed bullish cross) and the RSI is near oversold territories.  Along with the strong reaction off of the 26k support, it is safe to assume that it is definitely possible for a push towards 28k in the next couple of days or in the next week.

Unfortunately, however, if a breakout towards 28k were to happen, I would say that it would be most likely short lived due to the bearish/neutral indicators shown on larger-term time frames and due to the lack of any real catalyst in the current moment.

Conclusion:

While it is possible that Bitcoin does have a breakout towards 28k very soon, it is very likely that it will get rejected at that point due to the lack of any strong catalyst that will be able to break the 28k resistance.