Bitcoin (BTC/USD) experienced a slight bid early in the Asian session as the pair continued to orbit the 26585.66 level after testing the 26917.36 area, an upside price objective associated with recent appreciating activity around the 24900 and 25763.43 areas.  The 26585 area represents a downside price objective linked to recent depreciating activity around the 30222 and 28184.89 areas.  Traders have recently found a bid above the 50-bar, 12-hour simple moving average but have been unable to sustain a test and break above 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 areas.  Technical support and potential buying pressure in appreciating ranges from the 15460 and 19568.52 levels include the

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Author: Sally Ho

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