Bitcoin (BTC/USD) finds itself once again fighting off the $360’s after failing to completely clear the $380’s barrier. It hit a low of $362 8h ago and is currently trading at $368 on BTC-e.
This was indeed the next stage of the head-and-shoulders pattern previously anticipated, whose arrival was pushed off by one final spike into the high $380’s.
With this pattern in formation and BTC once again knocking on the $360 support level, BTC is sitting in highly vulnerable territory and risks falling back to last week’s lows during the next 5-7 days. The decline may take longer, as BTC has uncharacteristically yet to retrace the majority of its decline into the $360’s.
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Should the weak performance continue, it would be in stark contrast to the closing days of November last year, when BTC was finishing its meteoric rise to near $1100.
Prices on BTC-e are about $3 (0.8%) lower relative to peers.