Bitcoin Prices Up, Then Down to Close at $231

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The indecisiveness in bitcoin prices continues. After opening at $233.65 BTC/USD rallied ever so slightly to $234.55. But from here it was down all the way, bottoming out at $231.20, before closing the session at $231.30. Total daily range, $3.35 dollars. Needless to say, this is well below historical norms, even when compared to the ATR for last 20 days ($5.70), which have been mostly range-bound. In the new Asian session we bounced back slightly to $231.99.


While yesterday we saw BTC-E trade stronger, today prices are more resilient on OKCoin. Here one coin is selling for $234.25 dollars, after bottoming out at $233.01. The daily high for bitcoin on this exchange was $235.53.

We’re seeing premium pick up a bit on OKCoin futures. On the same platform contracts are quoted at $236.24 for the nearer and $237.50 for the far-out issue. This puts the premium for the longer-dated contracts at $3.25, almost double the $1.68 dollars seen yesterday.

The past few days have been a snooze-fest. However this doesn’t mean that we can’t have a breakout today or tomorrow. While you can’t know the exact timing of the break, it’s good to be prepared, so let’s take a look at some levels.

On the top end, the $250 round figure is a previous resistance turned support and now back to resistance. A decisive break above it should lead to more gains. Higher up resistance can be found at $269 (BTC-E) and $272 (OKCoin). On the lower end, things are more complicated. Here we have several weaker support levels, starting with $220 and $216 on BTC-E. These levels correspond to $224 and $220 on OKCoin. A

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