The combination of a number of factors to date has not served Bitcoin too well. The leading cryptocurrency has turned to the downside again. It was a completely different story yesterday, as BTC rose on Ethereum's heels, to 58,865. This high was set just before the US market closed. Today it dropped to 55,875. Again this seems in part a risk-based move. Today's drop also confirmed once again that BTC is still very tight between its 50 and 100-day moving averages. These are in position right now at 60.783 and 54.255 respectively.
It should be noted that on the CME BTC Futures there was a gap between the closing on Friday and the opening on Monday.
I don't want to appear to be the bearish one but if it is true that sooner or later the gaps close, lower levels await us.
Furthermore, the point and figure chart kindly borrowed from stockcharts.com reveals a brackout price of 51500.
http://stockcharts.com/pnf/chart?c=%24BTCUSD,PHTADANRBO[PA][D][F1!3!!!2!20]&r=5752&pnf=y
As usual, I report the levels for intraday trading:
Happy trading everyone.
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