Bitcoin Prints New Highs, Progress Slow

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Bitcoin printed new highs today on most exchanges but progress remains slow. On BTC-E we opened at $286.96 then immediately rallied to a high of $289.97. From here we sold off to $284 dollars per coin but later in the day a new high of $289.99 was set, only to lead to another sell-off with prices eventually closing at $287.70, $1 dollar up on the day. We are currently quoted at $287.72 on BTC-E, practically unchanged since the close.

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On OKCoin we had a similarly volatile session with little to show for it. Here a high of $297.68 was reached today. This was a new 13-day high for BTC. But at the end of the day bitcoin closed up by only 70 cents at this exchange, at 294.33. One coin is selling for $294.05 on OKCoin right now. You can find a live chart HERE.

Futures also set new highs. For example, the September 25th contract traded as high as $315 dollars at one point, beating yesterday’s $314.51. But same as with other BTC markets, the highs were quickly sold and the contract closed the day +$3.22 dollars. This particular contract is quoting $308.79 dollars at the moment, about $14.74 above spot, on par with the premium seen yesterday.

While today’s session brings us closer to the $300 dollars handle, it doesn’t alter the technical picture. Furthermore the price action remains ambivalent. The sell-off from the highs was relatively small, few dollars or so, not nearly enough to call a blowout top or potential reversal.

The trend is still up, BTC/USD will need to trade below $265 on BTC-E and $269 on OKCoin to end

Originally appeared at: http://www.forexnews.com/blog/2015/07/29/bitcoin-prints-new-highs-progress-slow/