Bitcoin (BTC/USD) continued to consolidate a brief recovery early in the Asian session as the pair failed to sustain a break above the 26374.02 area following a climb to the 26444.95 area.   Recently, BTC/USD tested recent lows following selling pressure that intensified around the 26731 and 26526 levels.  Stops were elected below the 26297.92 area during the depreciation, a downside price objective associated with selling pressure that strengthened around the 26638.40 area.   Traders knocked BTC/USD lower to the 25983.78 area during the selloff, representing a test of a downside price objective related to recent downward pressure around the 27108 and 26795 levels.  Bearish technical risk is increasing and could result in a test of additional downside price objectives around the 25815, 25775, 25668, 25645, 25598, 25331, and 24899 areas.  A series of lower relative highs suggest the 24900 area could be at risk again.

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.  Above current price activity, areas of technical resistance and potential selling pressure include the 26795, 26929, 27064, 27230, and

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Author: Sally Ho

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