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Bitcoin edged up smaller gains today as the slow summer season takes hold. We opened at $279.79, fell to $276.89 before rallying to $282.18. Prices closed off the session at $281.52, a gain of $1.73 dollars. We are currently quoted somewhat weaker at $280.52 on BTC-E.
On rival exchange OKCoin BTC/USD opened at $282.59, fell to a low of $280 flat before rallying to a daily high of $286.54. One coin is selling for $286.28 on OKCoin’s main exchange. Futures also gained ground, with the September 25th contract closing higher by $1.20 dollars, after a low of $291.54 and a high of $297.09. This contract continues to trade at a sizable $10 premium compared to spot, quoting $296.15 at the moment. You can find a quick snapshot of futures prices on the OKCoin website.
Bitcoin has been trading in a tight $9 dollar range for the past five days. Extrapolating things a little further back, we haven’t moved much since the major crash day on July 13th. Back then BTC/USD rallied to $318 (OKCoin) and $310 (BTC-E) only to surrender most gains after panic selling in the aftermath of a Greek deal. From July 14th onward, BTC stayed within a $30 dollar range on OKCoin, $269 on the low end and $299 on the high end.
A breakout above $300 may re-ignite some of the lost momentum. But the problem is right above here we find a rather large resistance area that stretches from $310 to $318 dollars (BTC-E) and from $314 to $321 dollars (OKCoin). A decisive breakout beyond this resistance level is needed for more gains. On the lower end, a move below $269 (OKCoin) and $265 (BTC-E) would end the current rally.
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