Bitcoin price patterns are virtually the same as yesterday’s, showing flat behavior in a tight range of $950-970 on MtGox.
Volume has been especially light, averaging no more than 100 BTC an hour.
The cryptocurrency continues to be staved off from breaking through the resistance level of $975, trading in the 950’s for much of the past 12 hours and not even making threatening approaches towards its resistance level as it has done in previous days.
Traders should be encouraged by its constant stability above the $940 plateau since its weekend drop- something which it did not achieve in last week’s trading.
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Also encouraging is BTC’s prolonged establishment of its moving average in the 950’s, making such prices the going norm, and in a best case scenario, a solid floor from which to make its next leap. Though its moving average showed similar signs in late December before seeing prices drop, the average was then composed of high and low extremes. Here, the prices partaking in its composition are in line with the average itself.
There have been few market-moving news items of late. The most recent development has has been the acceptance of Bitcoin by two casinos in downtown Las Vegas. Of all places BTC can be accepted, this is the least likely to generate any excitement considering such industry was among the pioneers welcoming Bitcoin online.
(Chart Source: Bitcoinwisdom)