Bitcoin Experiences 5 Percent Retracement

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After hitting the $270 level yesterday, bitcoin experienced a significant retracement. Prices fell from a high of $269.30 to a low of $254.99 today. This is a fall of $14 dollars or just over 5 percent, in less then 24 hours. We are currently testing the June 17th high at $256.75 dollars. Earlier attempts to clear the level failed, as can be seen on the chart below (market with yellow rectangle). We are currently trading at $256.19 on BTC-E.

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Meanwhile on OKCoin prices are quoting $258.32. This is also close to the June 17th high on OKCoin at $259.24. Resistance becomes support and the previous highs may now act to support falling prices. You can find a live OKCoin chart HERE. But a stronger support may be the round $250 level on both OKCoin and BTC-E. Lower still, a decisive move below $240 on BTC-E and $238 on OKCoin should end the rally.

To continue the move higher, BTC will need to clear the resistance at $270 dollars. Higher up, significant resistance can be found at $300 (BTC-E) and $305 (OKCoin).

Futures on OKCoin saw yesterday’s $10 dollar premium fall to $8 dollars today. The far out September 25th contract is currently quoting $266.93 dollars. From yesterday’s high, the Sept25 contract has fallen slightly over $15 dollars. This compares to just $10 dollars for the regular OKCoin exchange.

We have previously cautioned our readers that if BTC falls, the futures pricing in a premium will be hit harder than the spot exchange. Furthermore the far out contracts that are currently benefiting from the largest premiums will experience the largest losses. We’ve seen a limited

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