{"id":22327,"date":"2023-04-21T12:52:36","date_gmt":"2023-04-21T16:52:36","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=22327"},"modified":"2023-04-21T12:52:36","modified_gmt":"2023-04-21T16:52:36","slug":"bitcoin-price-prints-bearish-technical-pattern-why-it-could-revisit-27-2k","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/04\/21\/bitcoin-price-prints-bearish-technical-pattern-why-it-could-revisit-27-2k\/","title":{"rendered":"Bitcoin Price Prints Bearish Technical Pattern, Why It Could Revisit $27.2K"},"content":{"rendered":"

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.<\/em><\/p>\n

Bitcoin remained in a bearish zone below the $29,500 support zone.
\nThe price is trading below $29,000 and the 100 hourly Simple moving average.
\nThere 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).
\nThe pair could continue to move down if it breaks the $28,000 support zone.<\/p>\n

Bitcoin Price Extends Losses<\/h2>\n

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

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<\/a>.<\/p>\n

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.<\/p>\n

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.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

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.<\/p>\n

More Losses in BTC?<\/h2>\n

If Bitcoin\u2019s 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.<\/p>\n

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.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n

Major Support Levels \u2013 $28,000, followed by $27,200.<\/p>\n

Major Resistance Levels \u2013 $28,500, $28,800, and $29,250.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

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.<\/em><\/p>\n

Bitcoin remained in a bearish zone below the $29,500 support zone.
\nThe price is trading below $29,000 and the 100 hourly Simple moving average.
\nThere 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).
\nThe pair could continue to move down if it breaks the $28,000 support zone.<\/p>\n

Bitcoin Price Extends Losses<\/h2>\n

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

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<\/a>.<\/p>\n

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.<\/p>\n

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.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

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.<\/p>\n

More Losses in BTC?<\/h2>\n

If Bitcoin\u2019s 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.<\/p>\n

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.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n

Major Support Levels \u2013 $28,000, followed by $27,200.<\/p>\n

Major Resistance Levels \u2013 $28,500, $28,800, and $29,250.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-22327","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/22327","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=22327"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/22327\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=22327"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=22327"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=22327"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}