Bitcoin failed to continue its bullish momentum from last week, and after touching a high of $29,961 on April 30, it declined below the $28,000 handle today in the European trading session.

We can clearly see a shooting star pattern below the $29,961 handle on the H1 timeframe.

Bitcoin continues to move in a correction phase after crossing the $29,000 level, which is indicative of weakness in the immediate short term.

Both the STOCH and STOCHRSI are in overbought zones, which means that in the immediate short term, a decline in the price is expected.

We can see a bearish opening of the markets this week. The prices of Bitcoin are ranging near a new 1-month low.

The relative strength index is at 38.41, indicating very weak demand for Bitcoin and the continuation of the selling pressure in the market.

Bitcoin is now moving below 100-hour and 200-hour exponential moving averages.

Most of the major technical indicators are bearish, which means that in the immediate short term, we can expect a fall to $27,500 and $27,000.

The average true range indicates less market volatility with mild bearish momentum.

• Bitcoin bearish reversal is seen below $29,961.
• The RSI remains below 50, indicating a bearish market.
• The price is now trading below its pivot level of $28,078.
• The short-term range is mildly bearish.
• Some major technical indicators signal that the price may move to $27,000 and $26,500 soon.

Bitcoin Bearish Reversal Seen below $29,961

The price of Bitcoin continues to fall and is expected to enter into a consolidation zone above the $27,000 handle, after which we can see the start of a bullish move.

There is a bearish trend reversal pattern with a 20-period adaptive moving average in the 30-minute timeframe.

The price is ranging near the horizontal resistance in the weekly timeframe.

We can see the formation of a bearish engulfing pattern in the 4-hour timeframe.

A support zone is located at $26,624, which is a 38.2% retracement from the 13-week high, and at $26,940, which is the first support point of the pivot point indicator.

BTCUSD is now facing its classic support level of $27,904 and Fibonacci support level of $27,972, breaking which the price may move to $27,500.

There is a decrease of 15.23% in the daily trading volume, which is normal. The short-term outlook for Bitcoin is bearish, the medium-term outlook has turned bearish, and the long-term outlook remains neutral under present market conditions.

The Week Ahead

We can see that Bitcoin was unable to cross the $30,000 handle and remains in a downtrend, with the current support at $27,489, which is a 3-10 day MACD oscillator.

The support is at $27,200, after which we may see some consolidation in the zone of the $27,000 level.

The monthly RSI is at 50.15, which indicates the neutral market and the shift towards the consolidation zone in the medium-term range.

There is a bearish trend line from $29,961 to $27,760.

The BTCUSD is now facing resistance at $28,255, where the price crosses the 9-day moving average, and at $28,444, which is a pivot point.

The weekly outlook is $27,000, with a consolidation zone at $27,500.

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