Bitcoin (BTC/USD) sustained some of its recent upward trajectory early in the Asian session as the pair traded as high as the 34665.61 level, representing a test of the 78.6% retracement of the recent depreciating range from 35157.23 to 33000.  The profit-taking pullback to the 33000 figure represented a test of the 23.6% retracement of the recent appreciating range from 25983.78 to 35157.23.   Buying pressure strengthened around the 33690.91 level, right around a downside price objective related to historical selling pressure around the 59249 level.   Stops were recently elected above a series of upside price objectives including the 33819, 33755, 34826, and 35035 levels.  Technically, the fresh multi-month high around the 35157 area represented a test of an upside price objective around the 35035 area 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.  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

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Author: Sally Ho

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