Bitcoin (BTC/USD) maintained some positive momentum early in the Asian session as the pair continued to orbit the 29746.40 area, representing the 23.6% retracement of the recent appreciating range from 28122.57 to 30248.  During advances from the 29328.04 area, BTC/USD tested the 29788 and 29896 areas before retreating, right around the 50% and 61.8% retracements of the recent depreciating range from 30248 to 29328.04.   Stops were elected above the 29964.39 and 30127.80 areas during the recent rapid ascent, upside price objective related to buying activity around the 24900 and 15460 areas.  Related upside price objectives include the 30688, 31674, 32127, and 32476 levels. 

Following BTC/USD’s recent advances, areas of technical support and potential buying pressure include the 29185, 28934, 28824, 28577, 28384, and 27944 levels.  Below the market, Stops are cited below some downside price objectives including the 24155, 23270, 23204, 23164, 22949, 22028, 21496, 21242, and 20702 areas.  Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly).  Also, the 50-bar MA (hourly) is bullishly indicating above

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Author: Sally Ho

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