Bitcoin Flat for Five Days in a Row

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Bitcoin again closed the session barely changed, $1.33 higher or about half a percent. We opened at $263.27, traded down to a low of $258 flat before rallying back up to hit a daily high of $264.99. The end of the day brought back the sellers and BTC/USD closed at $263.00. In the next few hours of the new session BTC is trading slightly weaker to $262.01. Total daily range today on BTC-E, $6.99 dollars.

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On OKCoin we opened at $264.20, fell to a low of $259.00 before rallying all the way to $267.72. One coin is currently selling for $264.99 on this exchange, barely changed compared to its open yesterday. Total daily range on OKCoin, $8.72 dollars.

With today’s slow session added to the mix, bitcoin has now traded range-bound for five days in a row. The total range from August 10th to today is just below $13 dollars, or 5 percent. This is on the low end when it comes to cryptocurrencies.

The important level we’re watching remains the same, roughly $250 on the low end. Bit higher up, a weaker support level can be found at $259 dollars on OKCoin. This is a swing high reached on June 17th and was confirmed as a valid level when prices bounced off it recently both on August 8th as well as today. But a break  below $259 may not have much room to go, given the proximity of the $250 dollars round figure.

A clean break below $250 could spark a new downtrend. As we’ve noted before, this level is important because it was the jumping point for the latest BTC rally. Below it, weak


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