Bitcoin Price Tumbles; Now What?

Shortly after the European session closed on Wednesday, we published an intraday technical analysis piece that highlighted the levels to keep an eye on in the bitcoin price as we headed into the US afternoon. The piece offered up two scenarios. The first – a bullish scenario – was one in which support in the downward sloping channel held firm, and we saw a run towards 285. The second – the bearish scenario – offered up a situation in which this level did not hold firm, and a break of 277 presented us with further downside – initially towards 274 flat and beyond. Unfortunately, for us, the latter of these two scenarios played out, and overnight, we saw further decline in the bitcoin price. This being said, what are the levels to keep an eye on as we head into Thursday’s European session, and what does overnight action tells about any potential directional bias? Let’s take a look.

This post was published at NewsBTC on Mar 5, 2015.