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Bitcoin closed lower in today’s trading session. On BTC-E prices opened at $237.09, then rallied a bit to $239 flat. The second half of the day saw heavy losses however, with BTC falling almost $10 dollars to $229.72. We eventually closed the day at $231.19, about $5.81 below the opening price.
The chart above shows the price action for the past two weeks. Notice how after a sizable move higher of $25 dollars we have retraced almost $16 dollars. This indecisive, zig-zag behavior is typical for ranging markets. Until bitcoin breaks one of the crucial support or resistance levels, expect more of the same.
Here are some of the levels we’re watching. On the top end, weak resistance can be found at $239 dollars on BTC-E. But the important threshold will be the $250 figure. This was former resistance turned to support and now back to resistance. A clean break above this level should start a new BTC rally. Higher up, more resistance can be found at $269 (BTC-E) and $272 (OKCoin).
Meanwhile on the lower end, we find