Bitcoin / Technical Analysis · July 28, 2023 0

Bitcoin Price Prints Bearish Pattern And Could Dive To New Weekly Low

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.

  • Bitcoin is struggling to rise above the $29,300 and $29,600 levels.
  • The price is trading below $29,300 and the 100 hourly Simple moving average.
  • There 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).
  • The pair could continue to move down unless there is a close above the $29,600 resistance.

Bitcoin Price Faces Uphill Task

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.

The price struggled to clear a major hurdle near the $29,600 level as mentioned in yesterday’s post. 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.

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.

The price is now trading below $29,300 and the 100 hourly Simple moving average. 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.

Bitcoin Price
NewsBTC

Source: BTCUSD on TradingView.com

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.

More Losses in BTC?

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.

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.

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 – $29,000, followed by $28,880.

Major Resistance Levels – $29,300, $29,600, and $30,000.