Bitcoin Trades Flat, Ranges Tighten

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Bitcoin traded flat today on BTC-E. We opened at $230.04, traded higher ever so slightly to $230.48 then fell to a low of $227.22 by mid-day. The second half of the session saw the losses recovered with BTC/USD closing at $228.95. In the next few hours of the new session, we’ve continued to slowly gain back the lost ground. Bitcoin is currently quoted at $229.92, just 12 cents below yesterday’s open.


The total daily range on BTC-E was only $3 dollars and 26 cents. This continues the string of low range days, which in large part have contributed to the ATR halving in the past ten days. The 14-day ATR, displaying the average daily range for the past 14 days, has fallen to a new multi-month low of $6.55. We haven’t traded this low since June 18th of this year. Just as a reminder, the slow May/June period was followed by two large breakouts during July/August, first on the upside, then to the downside.

What are some of the levels we’re watching? To spark a new rally,

Read more ... source: Bitcoin Warrior