Bitcoin (BTC/USD) remained muted early in the Asian session as the pair continued to experience a bearish technical bias following a failure to establish constructive upside activity above the 26585.66 area, a downside price objective related to recent selling pressure around the 28184.89 area.  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 areas.  Technical support and potential buying pressure in appreciating ranges from the 15460 and 19568.52 levels include the 23661, 22793, and 21725 levels.  Some Stops are cited above the 26764, 27099, and 27576 areas.   Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and below the 200-bar MA (4-hourly).  Al

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Author: Sally Ho

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