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

Bitcoin

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 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.

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.

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