Bitcoin Price: Two Potential Plays for Thursday

Yesterday’s action in the bitcoin price finished very much as it started. We got something of a decline throughout the Tuesday evening/Wednesday morning session, but as the US afternoon matured this decline corrected and we saw price rise towards the 239 region. However, from this level, and with a retest of resistance and the downward sloping channel we highlighted in yesterday’s analysis, we quickly declined to fresh weekly lows just ahead of 234 flat. Today’s action so far we have seen this decline correct somewhat, with an initial run towards the aforementioned downward sloping channel’s resistance around 237.50. Once again however, on the retest, resistance held firm and we are fallen back below what serves as interim resistance at 236.06. This is the level to keep an eye on in the bitcoin price as we head into the European morning session.

This post was published at NewsBTC on Feb 26, 2015.