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.

Rejection from 26.8k? What does this mean for Bitcoin?

Today, Bitcoin was rejected fairly quickly from the 26.8k price level. This means that the bullish momentum wasn't strong enough to combat the bearish pressure. However, as the time of writing this, Bitcoin has recovered to 26.4k.

Looking deeper into this, Bitcoin was rejected from the 50/20 ema, which indicates that Bitcoin is not ready for higher price levels. Despite this, with the current market manipulation by bigger players, it is possible that short squeezes do happen and in these instances, Bitcoin can temporarily meet 28k before being corrected.

The technical indicators also are still relatively neutral, with the daily RSI still within neutral territories. The daily MACD, however, can be seen as somewhat bullish. The bearish cross that was once confirmed yesterday might be invalidated, which means that Bitcoin can potentially have a rally towards the 27k levels within the next few days. This can be also supported by the four-hour MACD, which has recently risen ever since the recently confirmed bullish cross.

In terms of the lower price targets, Bitcoin can potentially go down to high 25k or maybe low 25k levels. With the current RSI being set in neutral territories, and the lack of bearish catalysts, I do not see Bitcoin going lower than 25k.

Conclusion

While today's move has shown some volatility in the price action, it is very unlikely that moves such as retesting the 30k resistance is possible due to the lack of catalysts of any kind. Currently, Bitcoin is still trapped within a small range (25k-28k) and until a proper catalyst breaks Bitcoin out of this, the maximum and minimum targets will always be constrained to the range.