• Bitcoin (BTC/USD) is currently testing the 27500 level after buying pressure emerged around the 26803.46 area.
• Technical resistance and potential selling pressure exist at the 28011, 28591, 29171, 29889, and 29997 levels.
• Upside retracement levels in recent depreciating ranges include the 28428, 28564, 28700, 28741, 28868, 29243, and 29299 areas.

Bitcoin Tests 27500 Level

Bitcoin (BTC/USD) is currently testing the 27500 level after buying pressure emerged around the 26803.46 area. Stops were elected above the 27455.52 area during appreciation which was a previous downside price objective associated with selling pressure that strengthened around the 28334.75 area.

Technical Resistance & Selling Pressure

Areas of technical resistance and potential selling pressure include the 28011, 28591, 29171, 29889 and 29997 levels. Following recent selling pressure additional downside price objectives include 26308, 26093 25885 and 25604 levels with stops elected below 27145 27108 26765 26729 26380 26309 and 26203 levels during recent depreciation related to recent selling pressure around 30500 30050 29850 28334 and 27647 levels with further related price objectives at 25474 25442 25124 24705 24440 23208 and 22769 levels.

MA Indicators & Price Activity

Traders are observing that 50-bar MA (4-hourly) is bearishly indicating below 100-bar MA (4-hourly) and 200-bar MA (4-hourly). Additionally 50-bar MA (hourly) is bearishly indicating below 200-bar MA (hourly) but still above 100-bar MA (hourly). Price activity is closest to 50-bar MA (4 hourly) at 27028.51 while 50 bar MA(Hourly) at 2787937 remains in focus too

Upside Retracement

Upside retracement levels in recent depreciating ranges include the 284288285642870028741 2886829243and29299areaswithupsidedpriceobjectivesincluding3042074 3123711 3147737 3250123 32556 73 3298919 34583 96 34658 69 3522266 3776528 3840397levels

Disclaimer

Sally Ho’s Technical Analysis is provided by a third party for informational purposes only not reflecting Crypto Daily nor intended to be used as legal tax investment or financial advice