• Bitcoin (BTC/USD) is currently orbiting around the 26964.88 level, representing the 38.2% retracement of its recent appreciating range.
• Stops were recently elected below the 27145, 27108, 26765, 26729, 26380, 26309 and 26203 levels during a recent depreciation.
• Areas of technical resistance and potential selling pressure include 28011, 28591, 29171 and 29889 with upside price objectives related to recent buying pressure at 30420.74, 31237.11 and 32556.73 levels.

Overview

Bitcoin (BTC/USD) remained in a relatively tight range early in the Asian session as it continued to orbit around the 26964.88 level which represents the 38.2% retracement of its recent appreciating range from 25810 to 27678.73 levels.

Downside Price Objectives

Traders pushed BTC/USD as low as 26536.99 area during a brief pullback which represents a test of 61.8% retracement of the same appreciating range mentioned earlier. Following this selling pressure downside price objectives include 26308, 26093, 25885 and 25604 levels while stops were recently elected below 27145 , 27108 , 26765 , 26729 ,26380 ,26309 and 26203 levels during this depreciation period . Downside price objective related to recent selling pressure includes 30500 , 30050 , 29850 ,28334 and 27647 levels alongwith additional downside price objectives which include 25474 ,25442 ,25124 ,24705 24440 23208 and 22769 levels .

Technical Resistance & Potential Selling Pressure

Areas of technical resistance & potential selling pressure includes 28011 ,28591 29171 & 29889 with upside price objectives related to recent buying pressure at 304207123711 & 3255627 levels . Additionally Upside retracement level in this depreciating ranges include 28428 28564 28700 28741 28868 29243 &29299 areas .

Moving Average Indications

Traders are observing that 50-bar MA (4-hourly) is bearishly indicating below 100-bar MA (4-hourly) & 200-bar MA (4-hourly). Similarly 50-bar MA(Hourly) is also bearishly indicating below 100-bar MA(Hourly) & 200-bar MA(Hourly).Price activity is nearest 50-bar MA(4 hourly) at 27000 97& 50 barMA(Hourly )at 2687219 .

Disclaimer

Sally Ho’s Technical Analysis is provided by a third party for informational purposes only and does not reflect views of Crypto Daily nor it is intended to be used as legal tax investment or financial advice .