• Bitcoin (BTC/USD) tested a downside price objective associated with selling pressure near the 30463.84 area before dropping to 27230.77 and then recovering above 29000.
• Technical Support is expected around 26533.04/ 25604.51/ 25094.62 with Stops expected below, while Technical Resistance is expected around 31986.16/ 32989.19/ 34658.69 with Stops expected above.
• The 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly), while the 50-bar MA (Hourly) is bullishly indicating above the 100-bar MA (Hourly).
Bitcoin’s Recent Range
Bitcoin (BTC/USD) orbited the 29000 figure early in the Asian session as the pair traded as high as the 30050.66 level, representing a test of a downside price objective associated with selling pressure that intensified around the 30463.84 area. Major selling pressure quickly knocked BTC/USD lower to the 27230.77 area, a test of a recent relative low from earlier in the month, before a recovery took place to back above the 29000 figure.
Stops were elected above the 27929.17, 28525.56, 29007