Bitcoin Trading- BTC/USD Technical Analysis, Sept 3: BTC holding ground for now but appears vulnerable

Bitcoin (BTC) is hanging in there but one gets the feeling that the recovery has lost steam and that it

Bitcoin (BTC) is hanging in there but one gets the feeling that the recovery has lost steam and that it is sitting in a vulnerable position.

It is currently trading at $471 on BTC-e. It dipped to $465 twice within the past 24h, during which it has not gotten its head above $480. A slight staggered downtrend has formed over the past 60h; we are seeing successively lower peaks and troughs.

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The $470-480 support range, earlier noted for its importance in maintaining stability, has mostly eroded. As such, BTC may be signalling a break from its 15% offset from the 200-day moving average. This offset had also offered support from a momentum perspective. If broken, there isn’t much historical support above $450.

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BTCUSD- Sept 3

If a genuine turnaround is to take place, a prolonged bottoming in the $470-490 range must first materialize and continue for 1-2 weeks.

The spread between BTC-e and Bitstamp has widened, perhaps a return to “back to normal” trading conditions. The difference between the two is about $4, or 0.85%. Volume is low, about 100 BTC per hour, which has become the new norm during flat trade.

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