Bitcoin Trading- BTC/USD Technical Analysis, Sept 15: BTC flat, can’t break $470

BTC/USD has traded tightly around the $470 on BTC-e mark for the past 72 hours, barely deviating by more than

BTC/USD has traded tightly around the $470 on BTC-e mark for the past 72 hours, barely deviating by more than 1% for any significant period.

There also appears to be an impenetrable wall at $470, which has been knocked on repeatedly but not broken for the past 20h. Trades have literally crept up to $469.99 but no further, suggesting the presence of dominant orders capping the market at this mark.

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BTC-USD, Sept 15

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The activity is the flattest since prior to the August sell-off, when BTC hovered in the low $500’s for several days. Volume is low, averaging less than 100 BTC per hour.

The next move can be an important one as BTC has lost most of the steam in its recovery. It now finds itself closer to the lower end of its $460-490 trading range from the past month, and not too far off the key $450 level that offered solid support prior to the May rally.

Staying flat, BTC moves closer to its 50-day moving average of $520, which is still playing catch-up to the declines of August. BTC is now within 10% of this mark. It is now 13% off the 200-day moving average.

The price spread between to BTC-e and Bitstamp has widened to over $11, or 2.3%, with other exchanges once again experiencing prices closer to that of Bitstamp.

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