Bitcoin Price Drops To The Floor

Bitcoin price teetered on the edge of moving average support near $250 before finally rolling over the edge during the cross-over US/Asia-Pacific hours. Exchange charts show that price had sold off to their support floors near $220 and 1400 CNY before stabilizing near $230 and 1500 CNY. Bitfinex saw the January 2015 low of $160 on a downward spike.

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Bitcoin Price Analysis

Time of analysis: 05h11 UTC

Bitstamp 1-Day Chart

Bitstamp 1-Day Chart

From the analysis pages of, earlier today:

Bitcoin price slowly approached the 1-day chart moving averages, as if to conclude the downdraft, and then plummeted to the support floor.

Price is currently trading around our secondary target of $230 (Bitstamp) and 1500 CNY (BTC-China). Although the chart technicals indicated this possibility it still comes as a surprise.

Our short trade remains open.

Price is currently trying to push back above the 1-day 100MA’s 10% envelope in what looks like corrective price action in the 15- and 5-minute charts. The daily chart, above,

Read more ... source: CryptoCoinsNews