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.

Breakout to 28k confirmed?

Today, Bitcoin had a rally towards the 27k resistance, which managed to break through the daily 20 and barely the 50 EMA. Furthermore, the daily RSI is beginning to rise to the upper neutral territories and the bearish cross in the daily MACD was invalidated. However, the 4-hour time frame shows the RSI approaching oversold territories, which means that within the next day or so, there may be a retest of the 20 EMA support.

On the weekly timeframe, Bitcoin also managed to retest the 50 weekly EMA resistance. This means that within the next few weeks, Bitcoin can possibly break the weekly 20 EMA resistance and approach higher price targets. Similarly on the daily time frame, the 20 EMA is growing closer and closer to the 50 EMA (Which will indicate a rally).

In order for the uptrend to continue, however, Bitcoin would have to have a successful retest of the 20 EMA. If Bitcoin does not manage to find support at that level, it is highly likely that we can expect 26k again.

Conclusion

While this rally could still get rejected from the 50 EMA (Like the last two attempts in a breakout), it is likely that within the next few days, the daily 20 EMA will cross over the 50 EMA, which will indicate a strong rally to the 28k-30k levels.