Bitcoin Trading- BTC/USD Technical Analysis, Oct 23: BTC breaks $360 to new 10-day low

Bitcoin (BTC/USD) has just broken through $361 to $358 on BTC-e, setting a new 10-day low and suggesting a possible

Bitcoin (BTC/USD) has just broken through $361 to $358 on BTC-e, setting a new 10-day low and suggesting a possible return into the low $300’s during the next 2-4 weeks.

BTC has declined by over 5% during the past 12h, a relatively large move during what has become a fairly quiet 2 weeks of trading. Since peaking at $408 ten days ago, it is off over 10%. One can’t help but notice the “half moon” pattern over which BTC appears to have commenced on its way down.

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BTC-USD, Oct 23

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If further declines are indeed in the works, the pattern dictates that they will be of a slower space, if/until the bottom is reached.

BTC’s chronic inability to climb above the $390 mark during the past week was an early indicator of future declines, as assessed. If it returns to the $340-$350 range, it will be interesting to see how it is navigated. The range had formed a solid support platform prior to the rise to above $400.

BTC is now nearly 29% off its 200-day moving average, the widening gap indicating an above average pace of decline.

Bitcoin on BTC-e is trading at a $4 (1.1%) discount relative to peers.

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