Bitcoin price slices through critical support barrier targets $28,000 according to trading veteran
- Bitcoin price lost a crucial support level at $34,000 as bears take control.
- The digital asset could be poised for a stronger pullback below $30,000.
Bitcoin has been trading inside a tightening range for the past week without a clear direction. However, in the past 24 hours, the bears have taken over and managed to push Bitcoin price below a crucial support level.
Bitcoin price can see a correction down to $28,000
On the 4-hour chart, Bitcoin established a symmetrical triangle and has experienced a significant breakdown below $34,000 down to $31,300. The price target of BTC seems to be at around $27,200.
BTC/USD 4-hour chart
This target seems to coincide with Peter Brandt’s theory about BTC. Brandt is a veteran trader and analyst and believes Bitcoin price could touch $27,290, which would be a 35% correction from the top.
BTC IOMAP chart
Meanwhile, the In/Out of the Money Around Price (IOMAP) chart shows very tame support on the way down with the most significant area located between $30,400 and $31,300. A breakdown below this range could drive BTC to that $27,290 price target.
However, Brandt also states that this could simply be a healthy correction of the recent massive bull rally that took Bitcoin above $40,000.
As of the current chart structure -- and things can change quickly -- advances above 37857 and 40127 would begin to suggest that this current 2-plus week congestion is a simply pause in the ongoing bull trend.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
