• Bitcoin (BTC/USD) tested the 30050.66 level, representing a test of a downside price objective associated with selling pressure that intensified around the 30463.84 area.
• Stops were elected above the 27929.17, 28525.56, 29007.57, and 29489.58 areas during the recent surge higher, retracement levels associated with the recent depreciating range from 31050 to 26965.14
• 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 Volatility and Range Expand

Bitcoin (BTC/USD) tested the 30050.66 level early in the Asian session as the pair traded as high as this mark, a sign of a potential downside price objective due to increased selling pressure around 30463.84 area. However major selling pressure quickly pushed BTC/USD lower to 27230.77, testing an earlier relative low from this month before recovering back above 29000 figure again.

Stops Elected Above Key Areas

Stops were elected above several key areas including 27929.17, 28525.56, 29007.57 and 29489.58 during this surge higher which are retracement levels associated with a recent depreciating range from 31050 to 26965.14 . Additionally stops were also elected above 28036..96 and 29370..70 which are upside price objectives related to buying pressure around 27194..51 and 28161..74 respectively . Additional upside price objectives include 30420..74 , 31237..11 , 32556..73 while downside price objectives related to recent depreciating ranges & levels include 26533 , 26085 , 25604 & 24103 .

Moving Averages Indicating Bearish Trend

The 50 bar moving average ( 4 hourly ) is bearishly indicating below both 100 bar moving average ( 4 hourly ) & 200 bar moving average ( 4 hourly ). Similarly 50 bar moving average ( hourly ) too is bullishly indicating above 100 bar moving average & 200 bar moving average both on hourlies . Price activity is near 100 bar moving average at 29096 .. 57 & near 50 bar moving average at 28584 .. 01 .

Technical Support & Resistance

Technical support for BTC/USD is expected around 26533 .. 04 / 25604 .. 51 / 25094 .. 62 with stops expected below while technical resistance is expected around 31986 .. 16 / 32989 .. 19 / 34658 .. 69 with stops expected above .

Other Price Objectives

Other important price objectives include 31477 .. 37 , 32501 .. 23 , 32989 .. 19 , 34583 .. 96 , 34658..69 , 35222 … 66 , 37765 … 28 & 38403 …. 97 which represent a 50% retracement of depreciating range from 48233… 76 to 15460 respectively . On 4 Hourly chart SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage while on 60 minute chart SlowK is Bearishly below SlowD while MACD too is Bearishly below MACDAverage