This weekend, Bitcoin (BTC/USD) has kept up its bearish behavior, after hitting a 2-week low of $339.62 on BTC-e.
The behavior over the past 72 hours confirms earlier assessments that a return to the low $300’s was in the making. All the damage took place on Thursday and Friday when BTC plunged by over 10%. In the ensuing 48 hours, BTC’s retracement was unimpressively protracted and appears to be completing the final couple of legs of a head-and-shoulders pattern back into the $340’s.
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The pair currently trades at $356 on BTC-e. The retracement was enough to send BTC back to about par with its 50-day moving average (MA), holding steady at $360.
Since the bulk of the drop that saw nearly 5000 BTC ($1.8 million) change hands, volumes have tapered off to about 200 BTC an hour.
Prices on BTC-e have returned to within $4 (1.1%) of those on its peers.