Bitcoin (BTC/USD) Continues Bearish Momentum
Bitcoin (BTC/USD) experienced a sharp depreciation in the Asian session, dropping to the 28477 level after Stops were elected below the 29089.49 and 28775.19 levels. The downside price objectives associated with selling pressure lie around the 29851.28 area. The acute selloff also led to additional Stops being elected below the 28999, 28874, and 28672 areas, with downside price objectives related to recent selling pressure at the 29526 and 29344 levels. Further downside price objectives are found at the 28432, 27979, 27409, 27246, and 26501 levels. Below the market, more downside price objectives include the 28213, 28137, 27757, 27430, 27338, 27312, 26348, and 26199 levels. Additionally, the 28095.44 area represents the 23.6% retracement of the historic depreciating range from 69000 to 15460.
Areas of Technical Support and Potential Buying Pressure
- 28306, 27466, 26428, and 26272 levels
- Traders are monitoring the recent depreciating range from 31862.21 to 28850 with upside retracement levels around the 30000, 30356, 30711, 31151, and 31217 areas.
- Above the market, upside price objectives include the 30526, 30611, 30762, and 31145 areas.
- Upside price objectives related to other levels of buying pressure include the 32125 and 33569 areas.
- Stops are cited above additional upside price objectives around the 32043, 34531, 34658, and 35912 areas.
Technical Indicators Bearishly Indicate
Traders observe that the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and below the 200-bar MA (4-hourly). Additionally, the 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 29268.97 and the 50-bar MA (Hourly) at 29214.97.
Technical Support and Resistance Levels
Technical Support is expected around 24440.41/ 23270.10/ 22769.39 with Stops expected below. Technical Resistance is expected around 31986.16/ 32989.19/ 34658.69 with Stops expected above.
Conclusion
Bitcoin continues to face bearish momentum, with downside price objectives and areas of selling pressure identified. Traders are monitoring support levels and potential buying pressure, while technical indicators indicate a bearish trend. It remains important to closely observe price activity and key support and resistance levels in the coming sessions.
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