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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