Bitcoin Trading- BTC/USD Technical Analysis, Oct 29: BTC turns sharply lower, sets new 3-week low

Wednesday, 29/10/2014 | 13:38 GMT by Leon Pick
Bitcoin Trading- BTC/USD Technical Analysis, Oct 29: BTC turns sharply lower, sets new 3-week low

Bitcoin (BTC/USD) has just set a new 3-week low, hitting $335.88 on BTC-e minutes ago. It has dropped by nearly 6% in the past 24h, surpassing the $337 reached three days ago.

The last time BTC traded at these levels was immediately following the plunge to $285. From there, BTC rallied to as high as $408, after which the rally fizzled and price slowly ebbed back toward its new 2014 lows.

There is no support between current prices and those lows. Beyond these, one has to go back to the early stages of the rally to over $1000 one year ago to find the last time we've come across such levels.

BTC now trades 33% below its 200-day moving average (MA), now worth $500. It has not traded above this mark since during a brief 5-day period in early August.

BTC-USD, Oct 29

The price on BTC-e is at about a $1.50 (0.45%) discount to those on other exchanges.

Bitcoin (BTC/USD) has just set a new 3-week low, hitting $335.88 on BTC-e minutes ago. It has dropped by nearly 6% in the past 24h, surpassing the $337 reached three days ago.

The last time BTC traded at these levels was immediately following the plunge to $285. From there, BTC rallied to as high as $408, after which the rally fizzled and price slowly ebbed back toward its new 2014 lows.

There is no support between current prices and those lows. Beyond these, one has to go back to the early stages of the rally to over $1000 one year ago to find the last time we've come across such levels.

BTC now trades 33% below its 200-day moving average (MA), now worth $500. It has not traded above this mark since during a brief 5-day period in early August.

BTC-USD, Oct 29

The price on BTC-e is at about a $1.50 (0.45%) discount to those on other exchanges.

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trading
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