Bitcoin had another uneventful trading session. On BTC-E we opened at $356.84. While we hit a high of $359.89 and a low of $352.88 during the day, ultimately prices went nowhere and we closed at $356.99 dollars per coin. We are currently quoted at $356.77 on this exchange.
n OKCoin we saw a similar session, with highs of $365.00 and a low at $354.24 dollars. Prices closed $3.20 higher at $364 dollars flat. Futures on the same platform advanced about $3 dollars as well and they’re currently quoted at $367 for the nearer and $372 for the further-out contract.
As we can see on the chart above, BTC/USD has been trading flat for the past two and half days. In the process prices have remained wedged inside a symmetrical triangle. The top of this formation is around $360/$361 dollars on BTC-E ($364/$365 on OKCoin) and the bottom is around $352/$353 dollars ($355/$356 OKCoin). But while a move beyond either price extreme may have some follow-through, the breakout points are set a bit higher/lower. This is especially true for the lower bound of the triangle.
On the downside, a move below the triangle lows would quickly bump into the $340-$350 support area. A breakdown below here could lead to some losses. All these levels are for OKCoin’s spot USD exchange. In order to see a sustained downtrend however, the the $307 swing low has to give way as well. Notable support levels below here include $300 dollars (weak), $290 and $278 dollars per coin.
For a sustainable rally, a decisive break of the $383 swing high is needed.
Further up the next resistance is set at the $400 dollars round figure. A breakout above here could lead to extended gains towards $450 dollars per coin.http://www.forexnews.com/blog/2015/12/04/bitcoin-in-another-uneventful-session/
