• Bitcoin (BTC/USD) experienced a surge to the 30050.66 level before quickly slipping back below the 29000 figure.
• Stops were elected above various levels and price objectives due to recent buying and selling pressure around certain areas.
• Technical indicators such as the 50-bar MA (4-hourly) and MACD are bearishly indicating below, while the 50-bar MA (hourly) is bullishly indicating above.
Bitcoin (BTC/USD) experienced an increase in volatility and range expansion as it orbited around the 29000 figure early in the Asian session before trading up to the 30050.66 level, representing a test of a downside price objective associated with recent selling pressure that intensified around the 30463.84 area. Major selling pressure then knocked BTC/USD lower to the 27230.77 area, a test of a relative low from earlier in this month, before it recovered back above the 29000 figure again.
Stops were elected above various levels and price objectives due to recent buying and selling pressure that occurred around certain areas, including 27929.17, 28525.56, 29007.57, 29489.58, 28036.96, and 29370.70 on the upside; as well as 26533, 26085, 25604, 24103 on the downside; along with 31477.37, 32501.23, 32989.19 34583