Tags: Trading

Bitcoin (BTC/USD) moderated after recent gains early in the Asian session as the pair fell back below the 27000 figure after peaking around the 27313 area, representing a failed test of an upside price objective related to buying pressure around the 24900 and 25983.78 levels.   Technical support that emerged around the 26661 area during a pullback established the 27567, 27941, 28404, and 29151 areas as upside price objectives.  Above the market, areas of technical resistance and potential selling pressure include the 27559, 27701, 27936, 28029, 28189, 28306, and 28381 levels.   Bearish technical risk remains intact and could result in a test of additional downside price objectives around the 25815, 25775, 25668, 25645, 25598, 25331, and 24899 areas.

Bitcoin (BTC/USD) maintained some positive momentum early in the Asian session as the pair sought to sustain another break above the 27125.53 area, a previous downside price objective associated with selling pressure around the 31862 and 30222 levels.   Buying pressure strengthened around the 25983 area during a pullback, pushing BTC/USD as high as the 27313.86 area.  Above the market, areas of technical resistance and potential selling pressure include the 27559, 27701, 27936, 28029, 28189, 28306, and 28381 levels.   Bearish technical risk remains intact and could result in a test of additional downside price objectives around the 25815, 25775, 25668, 25645, 25598, 25331, and 24899 areas.

Bitcoin Price Analysis:  Regaining Some Rapidly Lost Advances – 29 September 2023

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Bitcoin (BTC/USD) was volatile early in the Asian session as the pair notched gains to the 26830 area following a rapid appreciation from the 26205.96 area, but was unable to sustain most of its upside progress.  Stops were elected above the 26433.41 area during the surge, an upside price objective associated with buying pressure around the 25983 and 26080 levels.   Stops were also triggered above the 26502, 26625, and 26776 areas during the appreciation, and strong Stops were elected above the 26652.51 area that were related to intraday bids around the 26084 and 26205 levels.  BTC/USD bulls cite Stops above the 27022 area.   Bearish technical risk has not disappeared and could result in a test of additional downside price objectives around the 25815, 25775, 25668, 25645, 25598, 25331, and 24899 areas. 

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