•Bitcoin (BTC/USD) recently tested the 30050.66 level before quickly dropping lower to the 27230.77 area.
•Stops were elected above a number of levels, including 27929.17, 28525.56, 29007.57 and 29489.58 during BTC/USD’s appreciation.
•The 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and below the 200-bar MA (4-hourly).
Bitcoin Tests Upside Price Objectives
Bitcoin (BTC/USD) orbited the 29000 figure early in the Asian session as the pair traded as high as the 30050.66 level, representing a test of a downside price objective associated with selling pressure that intensified around the 30463.84 area. Major selling pressure quickly knocked BTC/USD lower to the 27230.77 area, a test of a recent relative low from earlier in the month, before a recovery took place to back above the 29000 figure.
Stops Elected During Appreciation
Stops were elected above the 27929.17, 28525.56, 29007