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Bitcoin is still trading undecided as prices continue to swing around the $350 figure. After opening at $348.10 bitcoin fell to a low of $345.15. From here, BTC rallied to hit $362 per coin. But the move up soon fizzled out and prices came back down near the $350 mark. We are currently trading at $352 on BTC-E, compared to $354 on OKCoin and $357 on BitStamp.
The chart above shows bitcoin indecisiveness during the past 48 hours. The stalling of the down move at the $345-$350 area was expected, although the initial spike lower briefly took prices to $339 per coin . In several of our previous articles we mentioned that this area is previous support, turned into resistance and now back into support. Let’s take a look at the daily chart.
For the past few months, the medium-term trend has been down. The momentum has also shifted to the downside after prices dived below the $400 mark few days ago. In addition, we have two daily Pin bars with long bearish wicks on November 13th and November 17th.
While there is some weak support at $339, the first important level on the downside is $319. A break lower would lead to a resumption of the short-term trend lower. Below $319 we find two weak support levels at $300 and $285. These are followed by the previous bubble high at $266. While prices are still above this high, we are now trading not far off at $352. A clean break below $266 could lead to a long-term downtrend in BTC prices. On the upside, there is a weak resistance level at $365-$370. A break higher may lead to some follow-through toward the $400-$408 …read more