Bitcoin Down 1 Percent in Mixed Session

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Bitcoin traded mostly undecided in today’s trading session. After opening at $263.12 we sold-off slightly to a daily low of $257.50. From here we moved back up to $262.43, only to decline again and close at $261.27. The chart below shows today’s price action on BTC-E. The vertical line in the middle separates the different trading days. In the first four hours of the new session BTC/USD has extended the losses to $259.78 dollars per coin.


Other USD exchanges are trading slightly higher, with OKCoin quoting $263.45 while BitStamp is at $264.85 dollars. The Chinese Yuan exchanges continue to trade at a larger then usual premium. Huobi, BTCChina and OKCoin’s CNY exchange are all quoting near $270 dollars per coin at the moment.

Futures are reflecting this premium with OKCoin’s futures index trading at $267.29. You can find a chart for this index HERE. Note that this chart is not updating live, you will have to refresh the browser to get new data. The link also shows the 6 exchanges that participate in the weighting. The August 14th contract expiring today in about 7 hours is trading at $266.95, while the far-out September 25th contract is at $270.83, about $7 dollars above the main USD exchange.

The lack of larger movements today means that the major levels to watch are unchanged. On the lower end we’re still looking at $250. A decisive break below here could spark a new downtrend and lead to more losses. Below $250 dollars weak support can be found at $240 and $230 dollars per coin. A stronger support level is the double bottom near $210 (BTC-E)

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