Bitcoin (BTC/USD) suffered from bearish momentum early in the Asian session as the pair softened multiple times when testing the 26330 area, a level that represents the 38.2% retracement of the recent appreciating range from 25234.76 to 27007.87.   After fading from the 26296 area, some buying pressure emerged around the 25874 area, representing a test of the 61.8% retracement of the appreciating range from 25610 to 26298.78.   BTC/USD recently depreciated to the 25234.76 area, its weakest print since mid-June.  This fresh multi-month low represented a test of a major downside price objective around the 25128.94 area that is associated with selling pressure that increased around the 31862.21 and 30421.29 levels in July.   Major Stops were elected below the 27620.46 area during the decline, another downside price objective linked to recent downward pressure around the 30222 and 29665.27 areas.  Major Stops were also elected below the 27991.29 area, representing the 23.6% retracement of the broader appreciating range from 15460 to 31862.21.   

Areas of technical support and potential buying pressure in appreciating ranges from the 15460 and 19568.52 levels include the 23661, 22793, and 21725 levels.   Following recent sel

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Author: Crypto Daily

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