Bitcoin (BTC/USD) moderated after recent gains early in the Asian session as the pair fell back below the 27000 figure after peaking around the 27313 area, representing a failed test of an upside price objective related to buying pressure around the 24900 and 25983.78 levels.   Technical support that emerged around the 26661 area during a pullback established the 27567, 27941, 28404, and 29151 areas as upside price objectives.  Above the market, areas of technical resistance and potential selling pressure include the 27559, 27701, 27936, 28029, 28189, 28306, and 28381 levels.   Bearish technical risk remains intact and could result in a test of additional downside price objectives around the 25815, 25775, 25668, 25645, 25598, 25331, and 24899 areas.

Further below the market, Stops are accruing below some downside price objectives including the 24155, 23270, 23204, 23164, 22949, 22028, 21496, 21242, and 20702 areas.   Three significant technical levels that technicians continue to monitor include the 29514, 23438, and 20195 levels, areas related to selling pressure around the 69000, 59249, and 52100 levels.  Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and abo

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Author: Sally Ho

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