Bitcoin Trading Mixed as Losses Slow Down

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Bitcoin is trading mixed on different exchanges as the losses slow down. Let’s start with BTC-E first. Two days ago we lost $3 dollars, yesterday $2.50 and today BTC/USD closed down by only $1.59. After opening at $255.21 bitcoin fell to a low of $252.50 by mid-day. But the lows were quickly bought up and BTC closed the session at $253.62. We are currently quoted not far from the close at $253.50 dollars per coin.

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On OKCoin, today we saw similar price movements but here BTC/USD completely recovered the losses and closed the day higher by 80 cents. We opened at $255.23, slowly lost ground until we reached a daily low of $250.92, then rallied back up to close at $256.03.

Note that I’m using 23:00 CET (GMT+2) as the close/open for both exchanges. This is convenient because this is the official open/close for the general forex market as well. The official server time for OKCoin is China Standard Time (GMT+8) while for BTC-E it is Eastern European Time (GMT +3).  To further confuse the matter, the charts on the OKCoin website seem to adjust depending on your computer clock. The charts on BTC-E open/close at 23:00 CET. You can find a live chart for BTC-E on their website, or you can make a demo account and download their MetaTrader 4 platform instead.

To renew the lost momentum to the upside, bitcoin will need to break the June 30th high near $270 dollars. Higher up, significant resistance can be found at $300 (BTC-E) and $305 (OKCoin). As we’ve mentioned numerous times in the past, this is a triple top that ended two major

Originally appeared at: http://www.forexnews.com/blog/2015/07/04/bitcoin-trading-mixed-as-losses-slow-down/