Bitcoin Down $3 Dollars as Range Continues

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Bitcoin closed the day down by $3 dollars. We opened at $281.52 and slowly fell to a daily low of $276.45 near the end of the session. Today’s losses negate the small gains made in the previous three days and continue the range-bound trading. For the past five days, BTC/USD has been stuck in a tight trading range between $275 and $283 dollars per coin. We are currently quoted near the lows of this range at $277.55 on BTC-E.


On OKCoin one bitcoin is selling for $281.20 at the moment. Rival exchanges Coinbase and BitStamp are quoting $281.10 and $280.17 respectively. Futures on OKCoin continue to trade at a premium, with bigger premiums priced in the longer dated contracts. The nearer August 7th contract is quoting $281.66, the September 14th contract is at $283.67 while the far-out September 25th is trading at $292.49.

The key area remains the $270 handle. A decisive break below here ($269 OKCoin and $265 BTC-E) would end the uptrend. A clean break could also lead to some follow-through to the support levels

Read more ... source: Bitcoin Warrior