- The pair BTC/USD depreciated to the 21851.77 level due to bearish momentum in the Asian session.
- Stops were elected below the 22292 and 22205 levels during the ongoing pullback, related to an appreciating range that commenced with buying pressure around the 21366 levels.
- Technically significant areas include 15900, 15512, 15313, 14500, 14364, 13369, 10727, 10432, 9682, 8837 and 7538 levels.
BTC/USD Weakens
Bitcoin (BTC/USD) continued to suffer from bearish momentum early in the Asian session as the pair depreciated to the 21851.77 level.
Downside Price Objectives
Stops were elected below the 21919 area, a downside price objective associated with selling pressure around 24262 and 23451 levels in early February. Other downside price objectives linked to these levels include 21366 and 20471 levels. Selling pressure also knocked BTC/USD below some major downside price objectives around 22988, 22943, 22832, 22770 22587 22277 22210 and 22074 levels. Additional downside price objectives include 21756 21566 21386 21161 20982 20687 20471 20209 19886 19266 19251 19132 and 17230 levels.
Upside Price Objectives
The recent multi-month high around 25288.88 represented a test of 25455 level which was an upside price objective related to historical buying pressure around 1632616 and 20333333 areas. Other upside price objectives include 25774 26612 26931 27609 28004 29244 29639 etc. Stops are cited below 21047 20874 20724 and 20370 levels
MAs Indicating Bearishly
Traders are observing that 50-bar MA (4-hourly) is bearishly indicating below 100-bar MA (4-hourly) & 200-bar MA (4-hourly). Also 50-bar MA (hourly) is bearishly indicating below 100-bar MA (hourly) & 200-bar MA (hourly). Price activity is nearest 50-bar MA (4-hourly) at 2279023 & 50 bar MA (Hourly) at 2229947
Technical Analysis Summary
Technical Support is expected around 1839099 / 1671446 / 1450015 with Stops expected below while Technical Resistance is expected around 2545506 / 2577441 / 2661264 with Stops expected above. On 4Hour chart SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage on 60minute chart SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage