BTC Price Outlook(11/7/2023) - Retracement towards 33k - 32k begins now?

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.

Retracement towards 33k - 32k begins now?

During the past couple of days, Bitcoin has still been trading within a sideways range in between 34k - 35.5k. However, today, the technical indicators point towards the fact that Bitcoin may have begun its overbought recovery retracement. I believe that this retracement will bring Bitcoin down towards the 33k-32k range.

4-hour time frame:

In the 4-hour time frame, Bitcoin has been very neutral. The RSI is still in neutral territories and the MACD is still very neutral as well and despite this, the price is still continuing upwards. However, the 4-hour 20 EMA and the 50 EMA are nearly intersecting, which means that if they do, the 20 EMA will go below the 50 EMA. Once this occurs, it will mark the beginning of a downward trend most likely towards the 50 EMA level, which is at 33k or even potentially the 4-hour 200 EMA, which is at 32k.

24-hour time frame:

In the 24-hour time frame, Bitcoin is looking very bearish at the moment. Currently, the overbought RSI is still on a downward trajectory and is expected to enter neutral territories again, which indicates that Bitcoin is getting ready to dump. Further evidence of this is shown on the MACD, where it has officially confirmed a bearish cross. Additionally, this bearish cross was formed with a significant amount of momentum, which means that Bitcoin could potentially reach even the 24-hour 50 EMA, which is currently at 30k at the time of writing this. If Bitcoin manages to retain support at least along the 30k support level, then it can resume a strong uptrend and eventually a bull market in the future.

Weekly time frame:

In the weekly time frame, Bitcoin is looking very neutral. The MACD is bullish, with it printing small green bars (Which means that it has the potential to print larger green bars, which means higher price). However, the RSI curving from the overbought territories does indicate the same on the daily time frame (That Bitcoin is getting ready for a significant retracement to at least the 32k levels). Currently, the regional support in the weekly time frame is the 20 EMA (Which is at 29k), the 50 EMA (Which is at 27.7k) and the 200 EMA (Which is at 26k), which unfortunately means that Bitcoin hasn't formed a strong macro support structure.

Conclusion:

In conclusion, the retracement recently confirmed in Bitcoin is likely to be somewhat significant, with it at the very minimum retracing back towards 32k and the maximum 30k. If Bitcoin manages to retain the 30K support level, then it will continue to rally. However, if Bitcoin manages to break the 30K support, it is likely to re-enter the 25k-30k value area once again. 
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