{"id":27411,"date":"2023-07-28T03:52:46","date_gmt":"2023-07-28T07:52:46","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=27411"},"modified":"2023-07-28T03:52:46","modified_gmt":"2023-07-28T07:52:46","slug":"bitcoin-price-prints-bearish-pattern-and-could-dive-to-new-weekly-low","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/07\/28\/bitcoin-price-prints-bearish-pattern-and-could-dive-to-new-weekly-low\/","title":{"rendered":"Bitcoin Price Prints Bearish Pattern And Could Dive To New Weekly Low"},"content":{"rendered":"

Bitcoin price is struggling to rise above the $29,300 resistance level. BTC could start another decline and trade below the $28,880 support zone.<\/em><\/p>\n

Bitcoin is struggling to rise above the $29,300 and $29,600 levels.
\nThe price is trading below $29,300 and the 100 hourly Simple moving average.
\nThere was a break below a major bullish trend line with support near $29,300 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move down unless there is a close above the $29,600 resistance.<\/p>\n

Bitcoin Price Faces Uphill Task<\/h2>\n

Bitcoin price attempted a short-term recovery wave above the $29,200 resistance zone. BTC was able to climb above the $29,300 resistance zone but the upsides were limited.<\/p>\n

The price struggled to clear a major hurdle near the $29,600 level as mentioned in yesterday\u2019s post<\/a>. It seems like the bears defended the 50% Fib retracement level of the upward wave from the $30,334 swing high to the $28,880 low.<\/p>\n

Bitcoin price started a fresh decline below the $29,400 level. There was a break below a major bullish trend line with support near $29,300 on the hourly chart of the BTC\/USD pair.<\/p>\n

The price is now trading below $29,300 and the 100 hourly Simple moving average<\/a>. Immediate resistance is near the $29,300 level and the 100 hourly Simple moving average. The first major resistance is still near the $29,600 level.<\/p>\n\n

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

The next major resistance is near the $29,800 level or the 61.8% Fib retracement level of the upward wave from the $30,334 swing high to the $28,880 low, above which the price might rise toward the $30,000 resistance zone. The next major resistance is near the $30,400 level.<\/p>\n

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

If Bitcoin fails to clear the $29,300 resistance, it could continue to move down. Immediate support on the downside is near the $29,000 level.<\/p>\n

The next major support is near the $28,880 level, below which the price could accelerate lower. The next support is near the $28,200 level. Any more losses might call for a move toward the $27,700 level in the near term.<\/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 $29,000, followed by $28,880.<\/p>\n

Major Resistance Levels \u2013 $29,300, $29,600, and $30,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is struggling to rise above the $29,300 resistance level. BTC could start another decline and trade below the $28,880 support zone.<\/em><\/p>\n

Bitcoin is struggling to rise above the $29,300 and $29,600 levels.
\nThe price is trading below $29,300 and the 100 hourly Simple moving average.
\nThere was a break below a major bullish trend line with support near $29,300 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move down unless there is a close above the $29,600 resistance.<\/p>\n

Bitcoin Price Faces Uphill Task<\/h2>\n

Bitcoin price attempted a short-term recovery wave above the $29,200 resistance zone. BTC was able to climb above the $29,300 resistance zone but the upsides were limited.<\/p>\n

The price struggled to clear a major hurdle near the $29,600 level as mentioned in yesterday\u2019s post<\/a>. It seems like the bears defended the 50% Fib retracement level of the upward wave from the $30,334 swing high to the $28,880 low.<\/p>\n

Bitcoin price started a fresh decline below the $29,400 level. There was a break below a major bullish trend line with support near $29,300 on the hourly chart of the BTC\/USD pair.<\/p>\n

The price is now trading below $29,300 and the 100 hourly Simple moving average<\/a>. Immediate resistance is near the $29,300 level and the 100 hourly Simple moving average. The first major resistance is still near the $29,600 level.<\/p>\n

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

The next major resistance is near the $29,800 level or the 61.8% Fib retracement level of the upward wave from the $30,334 swing high to the $28,880 low, above which the price might rise toward the $30,000 resistance zone. The next major resistance is near the $30,400 level.<\/p>\n

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

If Bitcoin fails to clear the $29,300 resistance, it could continue to move down. Immediate support on the downside is near the $29,000 level.<\/p>\n

The next major support is near the $28,880 level, below which the price could accelerate lower. The next support is near the $28,200 level. Any more losses might call for a move toward the $27,700 level in the near term.<\/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 $29,000, followed by $28,880.<\/p>\n

Major Resistance Levels \u2013 $29,300, $29,600, and $30,000.<\/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-27411","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\/27411","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=27411"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/27411\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=27411"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=27411"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=27411"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}