Bitcoin Up $3 Dollars as Slow March Continues – ForexNews.com

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Bitcoin is up $3 dollars today, after yesterday’s lull. We opened at $283.05, stay flat for most of the day, then rallied to a high of $288.50 dollars per coin. We are currently quoted at $286.94 on BTC-E, not far from the highs. We can see the price action for the last three days on the chart below.

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On OKCoin we opened at $288 flat, then rallied to a high of $293.13 around mid-day. We are trading at $291.78 right now. You can find a live OKCoin chart HERE. You can also find several BTC/USD charts from various exchanges on TradingView, a popular web-based chart platform.

Futures on OKCoin rallied strongly today. The September 25th contract opened at $300.88 and hit a high of $310.01. It’s currently quoted at $307.66 dollars. This puts the premium over spot at just under $16 dollars. This is relatively high but we’ve seen futures prices diverge strongly during times of high volatility. On July 10th this particular contract hit a high of $356.02 before closing at $305.46. The premium on that day was over $50 dollars at one point. Cascading margin calls and leverage can exacerbate moves on futures. On some platforms (like OKCoin), winning futures traders may be negatively affected by ”clawback”. More on the this HERE.

The trend is still up for bitcoin. The uptick during the past few days helps to alleviate some of the pressure the bulls faced near the $270 mark. As we’ve said before, this is the line in the sand for the rally. A decisive break below here would end the uptrend. On the upper side, weak resistance can

Originally appeared at: http://www.forexnews.com/blog/2015/07/26/bitcoin-up-3-dollars-as-slow-march-continues/