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.
28k-30k Confirmed?
Today, there wasn't really anything interesting with the Bitcoin price action. However, Bitcoin managed to find support on the daily 50 EMA and 200 EMA, which are the final confirmations needed for a pump to occur. Furthermore, the daily 20 EMA is inching ever closer to the 50 EMA, which means that very well within the next couple of days, we could see a pump straight towards 28k and perhaps, even 30k.
In terms of the daily MACD, it only has small green bars (Which means that it still has a long way to grow) and the daily RSI is still within neutral territories. Additionally, the Bitcoin price is nearly at the end of the current ascending triangle. This means that currently, Bitcoin is in near-prime conditions for a pump within the next week or few days.
In the weekly timeframe, Bitcoin crossed the 50 EMA resistance and had a rejection from the 20 EMA resistance. However, within the next week, we can see Bitcoin breaking the 20 EMA and this, confirming a rally. Additionally, the MACD is still in a curving trajectory, which is a bullish sign of the end of a bearish downside move. The only concerning part about the weekly timeframe is that the RSI is still under some kind of resistance. However, this can be easily broken through if the rally is strong enough.
In the 4-hour time frame, the RSI is beginning to cool off towards more neutral territories. The MACD just confirmed a bearish cross and is in trajectory to recover from the unhealthily overbought conditions (By staying relatively neutral). This means that Bitcoin is falling in line with the ascending wedge and is ready to "pop" within the next week.
Weekly Timeframe:
Conclusion
Overall, most indicators/patterns in the 4 hr, 24 hr, and 1 week time frames are relatively bullish. However, due to the unpredictable nature of the current macroeconomic state of the U.S, it is recommended to always be prepared for any situation.
* DISCLAIMER *
* THIS IS NOT FINANCIAL ADVICE. PLEASE DO YOUR OWN RESEARCH BEFORE INVESTING IN THESE CRYPTOCURRENCIES. THIS IS TO SIMPLY INFORM YOU ABOUT TECHNICAL INDICATORS. *
