Bitcoin Price Ranges; 300 Still valid

Yesterday afternoon we published this piece outlining the day’s action in the bitcoin price, alongside the potential future action as we headed into Tuesday evening and beyond. Having matured overnight, the bitcoin price has held a range within a downward sloping triangle frame, very similar to what we saw at the same time a day earlier. Now, as we head into the European open on Wednesday, what can we expect from the BTCUSD going forward? Let’s take a look.
The first thing to notice is the aforementioned triangle. having hit highs just ahead of 297 yesterday afternoon, the BTCUSD corrected towards what now serves as in term – and triangle – support around the 287 flat level. Since this correction, we have seen price bounce from 287 repeatedly, and this has now become the level to watch, alongside the triangle’s upper trendline – currently just ahead of 290.

This post was published at NewsBTC on Mar 11, 2015.