Bitcoin Flat in Calmer SessionWith two hours to go, bitcoin looks set to close today’s trading session unchanged. On BTC-E we opened the day at $352.47 and bounced between $345 and $355 all day. One coin is currently selling for 352.25 on this exchange. The hourly chart below shows today’s session on BTC-E. As the market calmed down a bit, we’ve seen price differences between exchanges narrow closer to the ”normal” values. The BTC-E discount is at $3.76 dollars at the moment, down from $7 dollars yesterday.
On OKCoin we’ve been trading between $362 and $351 dollars all day. We are currently quoted at $356.01 on the USD exchange. Meanwhile futures on the same platform continue to fetch a premium, with the closer to expiration December 4th contract quoting BTC/USD at $362.49 while the far out December 25th contract is at $371.86.
While futures traders continue to price in more gains, the technical picture is not so clear. The momentum has clearly shifted to the upside, with gains of $37 dollars from the $315 low made just three days ago. But three up days don’t make a trend. Furthermore, today’s indecisive doji may be a prelude of things to come.
The two important figures are now at $290 dollars on the bottom and $386 dollars on the top. A breakdown below $290 would start a new downtrend, potentially leading to more losses towards $279 on OKCoin. Further down we find strong support at the round $250 figure. As we’ve noted in previous articles, this important figure was the starting point for two rallies this year, as well as one downtrend. It should continue to hold relevance going forward. A break of $250 may lead to exacerbated losses.
http://www.forexnews.com/blog/2015/11/28/bitcoin-flat-in-calmer-session/
