Bitcoin (BTC/USD) encountered light upward momentum early in the Asian session as the pair partially recovered after trading as low as the 33400 area, representing a test of the 78.6% retracement of the appreciating range from 33000 to 35144.   Stops were elected below the 33737.64 area during the preceding downturn, a downside price objective technically associated with selling pressure around the 34843.04 area.  Stops were recently elected above a series of upside price objectives including the 33819, 33755, 34826, and 35035 levels, and major Stops were also elected above the 34190.77 area during the appreciation, a previous downside price objective related to historical selling pressure around the all-time high of 69000 and 59249 levels.   

Technically, the fresh multi-month high around the 35157 area represented a test of an upside price objective around the 35035 area that is related to recent upward activity around the 29328 and 32525 levels.  Additional upside price objectives include the 35718, 35982, 36115, 36541, 36798, 37239, 37890, 38409, 38561, 38584, 39636, 40549, 40743, 40837, 41402, 43841, 43860, and 44269 levels.  Following the surge higher, areas of technical support and potential buying pressure include the

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Author: Sally Ho

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