Bitcoin Price Prints Bearish Technical Pattern, Why It Could Revisit $27.2K

0 0

Bitcoin price is moving lower below $29,000. BTC could extend losses below $28,000 and revisit the $27,200 support zone in the near term.

  • Bitcoin remained in a bearish zone below the $29,500 support zone.
  • The price is trading below $29,000 and the 100 hourly Simple moving average.
  • There is a major bearish trend line forming with resistance near $28,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to move down if it breaks the $28,000 support zone.

Bitcoin Price Extends Losses

Bitcoin price started a fresh decline from the $30,500 resistance zone. BTC traded below the $30,000 and $29,500 levels to move into a short-term bearish zone.

The bears gained strength below the $29,000 level. They were able to push the price toward the $28,000 support zone. A low is formed near $28,009 and the price is now consolidating losses. Bitcoin price is now trading well below $29,000 and the 100 hourly Simple moving average.

Immediate resistance is near the $28,500 level. There is also a major bearish trend line forming with resistance near $28,500 on the hourly chart of the BTC/USD pair.

The 23.6% Fib retracement level of the downward move from the $30,461 high to the $28,009 low is also just above the trend line. The first major resistance is forming near the $28,800 level. The next major resistance is near the $29,250 zone.

Bitcoin Price

Source: BTCUSD on TradingView.com

It is close to the 50% Fib retracement level of the downward move from the $30,461 high to the $28,009 low. A move above the $29,250 resistance might call for a decent increase. In the stated case, the price may perhaps revisit the $30,000 zone. Any more gains could open the doors for a test of $30,500.

More Losses in BTC?

If Bitcoin’s price fails to clear the $28,500 resistance, it could continue to move down. Immediate support on the downside is near the $28,100 level.

The next major support is near the $28,000 zone. A downside break and close below the $28,000 support might push the price toward the $27,400 support. Any more losses might push Bitcoin toward $27,200.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $28,000, followed by $27,200.

Major Resistance Levels – $28,500, $28,800, and $29,250.

Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 27,228.30
ethereum
Ethereum (ETH) $ 1,905.12
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 307.41
usd-coin
USD Coin (USDC) $ 0.99982
xrp
XRP (XRP) $ 0.524534
staked-ether
Lido Staked Ether (STETH) $ 1,903.44
cardano
Cardano (ADA) $ 0.378745
dogecoin
Dogecoin (DOGE) $ 0.072725
solana
Solana (SOL) $ 21.31
matic-network
Polygon (MATIC) $ 0.899051
tron
TRON (TRX) $ 0.081917
litecoin
Litecoin (LTC) $ 95.30
polkadot
Polkadot (DOT) $ 5.29
binance-usd
Binance USD (BUSD) $ 0.999999
shiba-inu
Shiba Inu (SHIB) $ 0.000009
avalanche-2
Avalanche (AVAX) $ 14.47
dai
Dai (DAI) $ 1.00
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 27,257.30
uniswap
Uniswap (UNI) $ 5.07
leo-token
LEO Token (LEO) $ 3.60
chainlink
Chainlink (LINK) $ 6.44
cosmos
Cosmos Hub (ATOM) $ 10.61
okb
OKB (OKB) $ 46.45
monero
Monero (XMR) $ 145.92
the-open-network
Toncoin (TON) $ 1.75
ethereum-classic
Ethereum Classic (ETC) $ 18.16
stellar
Stellar (XLM) $ 0.0923
bitcoin-cash
Bitcoin Cash (BCH) $ 114.82
filecoin
Filecoin (FIL) $ 4.99
internet-computer
Internet Computer (ICP) $ 4.81
true-usd
TrueUSD (TUSD) $ 0.999765
lido-dao
Lido DAO (LDO) $ 2.31
aptos
Aptos (APT) $ 8.97
quant-network
Quant (QNT) $ 119.37
hedera-hashgraph
Hedera (HBAR) $ 0.050722
arbitrum
Arbitrum (ARB) $ 1.24
crypto-com-chain
Cronos (CRO) $ 0.059498
near
NEAR Protocol (NEAR) $ 1.63
vechain
VeChain (VET) $ 0.019868
the-graph
The Graph (GRT) $ 0.130736
apecoin
ApeCoin (APE) $ 3.15
algorand
Algorand (ALGO) $ 0.152247
the-sandbox
The Sandbox (SAND) $ 0.574681
paxos-standard
Pax Dollar (USDP) $ 0.998751
frax
Frax (FRAX) $ 1.00
edgecoin-2
Edgecoin (EDGT) $ 1.00
eos
EOS (EOS) $ 0.903692
elrond-erd-2
MultiversX (EGLD) $ 37.60
rocket-pool
Rocket Pool (RPL) $ 49.14
render-token
Render (RNDR) $ 2.58
optimism
Optimism (OP) $ 1.45
aave
Aave (AAVE) $ 63.75
fantom
Fantom (FTM) $ 0.323008
decentraland
Decentraland (MANA) $ 0.486365
blockstack
Stacks (STX) $ 0.616201
theta-token
Theta Network (THETA) $ 0.848035
tezos
Tezos (XTZ) $ 0.906729
rocket-pool-eth
Rocket Pool ETH (RETH) $ 2,046.61
axie-infinity
Axie Infinity (AXS) $ 7.12
immutable-x
ImmutableX (IMX) $ 0.806122
havven
Synthetix Network (SNX) $ 2.39
flow
Flow (FLOW) $ 0.72808
usdd
USDD (USDD) $ 0.999731
radix
Radix (XRD) $ 0.072396
bitdao
BitDAO (BIT) $ 0.501028
gala
GALA (GALA) $ 0.03025
neo
NEO (NEO) $ 10.26
kucoin-shares
KuCoin (KCS) $ 7.41
whitebit
WhiteBIT Token (WBT) $ 4.91
curve-dao-token
Curve DAO (CRV) $ 0.855575
bitget-token
Bitget Token (BGB) $ 0.470846
bitcoin-sv
Bitcoin SV (BSV) $ 32.89
injective-protocol
Injective (INJ) $ 7.88
gatechain-token
Gate (GT) $ 4.41
maker
Maker (MKR) $ 665.99
conflux-token
Conflux (CFX) $ 0.286478
klay-token
Klaytn (KLAY) $ 0.186186
gemini-dollar
Gemini Dollar (GUSD) $ 1.00
bittorrent
BitTorrent (BTT) $ 0.00000058925788
kava
Kava (KAVA) $ 1.01
iota
IOTA (MIOTA) $ 0.198564
chiliz
Chiliz (CHZ) $ 0.100949
pepe
Pepe (PEPE) $ 0.000001
pax-gold
PAX Gold (PAXG) $ 1,958.93
casper-network
Casper Network (CSPR) $ 0.046769
tokenize-xchange
Tokenize Xchange (TKX) $ 6.36
sui
Sui (SUI) $ 0.946883
xdce-crowd-sale
XDC Network (XDC) $ 0.035995
terra-luna
Terra Luna Classic (LUNC) $ 0.000085
compound-ether
cETH (CETH) $ 38.28
mina-protocol
Mina Protocol (MINA) $ 0.545278
gmx
GMX (GMX) $ 56.14
huobi-token
Huobi (HT) $ 3.00
dash
Dash (DASH) $ 42.78
tether-gold
Tether Gold (XAUT) $ 1,958.48
ecash
eCash (XEC) $ 0.000025
frax-share
Frax Share (FXS) $ 6.63
trust-wallet-token
Trust Wallet (TWT) $ 1.08
frax-ether
Frax Ether (FRXETH) $ 1,903.02