• Bitcoin (BTC/USD) continued its recent bearish performance early in the Asian session as the pair continues to establish lower highs and lower lows.
• Stops were elected below the 19886.03 and 19646.70 levels during the depreciation, with downside price objectives related to selling pressure around various levels.
• The 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and below the 200-bar MA (4-hourly).
BTC/USD Bears Remain in Charge
Bitcoin (BTC/USD) has been on a steady decline lately, failing to reclaim recent lost ground and establishing lower highs and lower lows instead. During this period of depreciation, stops were elected below the 19886.03 and 19646.70 levels with downside price objectives related to selling pressure around various areas such as 19266, 19132, 19106, 19006, 18981, 18919, 18822, 18116, 17720, 17523, 17457, 17230 and 17196 respectively.
Upside Retracement Levels & Areas of Potential Selling Pressure
Following the recent selling pressure there are now upside retracement levels which include 20918, 21753 , 22428 , 23103 , 23938and 24064 respectively. There was also an attempt at reclaiming 25288.88 which represented a test of the 25455 level due to historical buying pressure around 16326.16 and 20333.33 .
Technically Significant Areas
Below current price activity there are technically significant areas which include 15900 , 15512 , 15313 , 14500 , 14364 , 13369 , 10727 , 10432 , 9682 , 8837 and 7538 respectively .
50-Bar Moving Averages Indication
The 50-bar MA (4-hourly) is currently bearishly indicating below the 100-bar MA (4-hourly) as well as below the 200-bar MA (4-hourly). Price activity is near both moving averages with 22137.71 being nearest from 50 bar MA( 4 hourly )21106 . 53 being nearest from 50 bar MA( hourly ).
Technical Support & Resistance
Technically speaking support is expected around 18390 . 99 /16714 . 46 /14500 . 15with stops expected below while resistance is expected around 25455 . 06/25774 . 41/26612 . 64 with stopsexpected above .