Bitcoin (BTC/USD) encountered additional bearish momentum early in the Asian session as the pair continued to depreciate following major selling pressure that began around the 27500 area and intensified around the 27393, 27304, 27108, and 26795 levels.  Stops were elected below many downside price objectives related to these levels including the 26795, 26750, 26726, 26677, 26603, 26586, 26549, 26387, and 26368 areas.   Related additional downside price objectives include the 26286, 26204, 26101, 26059, and 25990 areas.  A pause to the selling pressure emerged around the 26359.70 area, right around the 200-bar, 4-hour simple moving average. 

Below price activity, Stops are cited below the 24197.68 level, a downside price objective related to selling pressure around the 30222 area.   Large Stops are cited below the 26286 and 25668 areas.    Additional price objectives below the market include the 24511, 24339, 23164, 22949, 21496, 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 the 100-bar MA (hou

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Author: Sally Ho

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