Bitcoin (BTC/USD) erased some recent gains early in the Asian session as the pair moderated after trading as high as the 26869.06 area, representing a test of an upside price objective around the 26917 area that is related to recent buying pressure around the 24900 and 25763.43 areas.  Related upside price objectives include the 27393, 27982, and 28934 areas while related Stops are cited below the 25852 and 25763 areas.   Additional Stops were elected above the 26764.57 area during the climb, a previous downside price objective related to selling pressure around the 28184 and 27576 levels.  The interday high was also right around the 200-bar, 4-hour simple moving average.  Traders recently pushed BTC/USD as low as the 24900 area after Stops were elected below a related downside price objective around the 25106.61 area, but bears failed to sustain the downward break. 

A sustained break below the 25462.40 level will elevate bearish pressure as it is another downward price objective corresponding to significant recent selling pressure around the 28184.89 area.  Stops are cited below the 24197.68 level, a downside price objective related to selling pressure around the 30222 area.   Additional price objectives below the market include the 24511, 24339, 23164, 22949, 21496, and 20702

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Author: Sally Ho

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