Bitcoin Pushing on Upper Bound

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Bitcoin is pushing on the upper bound of the range. Today prices briefly traded above the August 28th swing high on both BTC-E and OKCoin. On BTC-E we hit a high of $231.81. But we didn’t even get an hourly close above the $231 figure and as we can see on the chart below, bitcoin is currently trading below the $230 mark.


On rival exchange OKCoin we hit a daily high of $237 flat before aggressive selling took down prices back to $230. We are currently quoted at $235.00 on this exchange. This is right at the mark identified as important resistance in our article yesterday. To repeat what we said: ”a decisive break above $231 on BTC-E and $235 on OKCoin may end the current downtrend.”

Today’s break was too short-lived to be called decisive. Prices didn’t even breach the August 20th swing high at $238.90 on OKCoin, another important resistance level for bitcoin. This means that technically the bearish trend is still in place. Still, taking into account how close we are trading to this

Read more ... source: Bitcoin Warrior