• Bitcoin (BTC/USD) has been challenged by the 27,568 area as it traded around 27,776.67 in the Asian session.
• Retracement levels and downside price objectives related to recent depreciating ranges and levels include the 27,119, 26,533, 25,604 and 24,103 levels.
• Upside price objectives include the 31,477.37, 32,501.23, 34,583.96 and 38403.97 levels.
Recent Price Activity
Bitcoin (BTC/USD) remained pressured early in the Asian session as the pair traded reached the 27776.67 area before giving up some progress which represented a test of the 23.6% retracement of the recent depreciating range from 29526.98 to 27133. Additional retracement levels in this depreciating range include 28047, 28329 28612 28962 and 29014 levels. Traders recently pushed BTC/USD as low as the 27133 area which represented a test of the 27119 level when selling pressure strengthened around 30012 area..
Downside Price Objectives
Downside price objectives related to recent depreciating ranges and levels include the 27119 26533 26085 25604 24103 levels .
Upside Price Objectives
Upside price objectives include 31477 3765 32501 32989 34583 34658 35222 37765 38403 97levels . Another important price objective is 31846 88area which represents 50% retracement of depreciating range from 48233 76 15460 .
Moving Averages
Traders are observing that 50 bar MA 4hourly is bullishly indicating above 100 bar MA 4 hourly and 200 bar MA 4 hourly while 50 bar MA hour is bearishly indicating below 100 bar MA hour and 200bar MA hourPrice activity is nearest 200bar MA 4 hourly at 28510 43and 50barMA Hourly at27668 07 .
Technical Indicators
On 4Hourly chart SlowK is Bullish above SlowD while MACD is Bullish above MACDAverage On 60 minute chart SlowK is Bullish above SlowD while MACD is Bullish above MACDAverage Technical Support expected around27119 1626533 0425094 4123551 with Stops below Technical Resistance expected around31986 1632989 1934658 69with Stops above Disclaimer provided by third party for informational purposes only not intended to be used legal tax investment or financial advice