The Bitcoin Trend Still Unpredictable
The Bitcoin trade today was not that different from yesterdays. Bitcoins started the session at 249.27 US dollars, then went down to the daily minimum of 244.01 US dollars, and then rose to the 250 US dollars mark. The current level of 249.7 US dollars is only 43 cents over the price at the session start. Routinely, the trading on BTC is in a slight advantage over the exchange counterparts. On OKCoin, bitcoin has reached the price of 255 US dollars, as well as on BitStamp.
The trend of the Bitcoin, as well as the momentum are still unpredictable. The low level to watch is 234 US dollars for one Bitcoin. If this level is breached, it could start a new downward trend of Bitcoin. The next low support level is at 225 US dollars, followed by a very low 208 US dollars support level. Some experts claim that the 208 US dollars should essentially be treated as a 200 US dollars support level. If bitcoin would proceed with the fall, 192 US dollars and 162 US dollars per bitcoin support levels await.
If the trend goes upward, the formerly reached 266 US dollars support level could act as a resistance level, but it is likely that the gains above this level would be limited. If Bitcoin aims to create a rally that can be considered sustainable, the important 300 US dollars level needs to be cleared. After this level is broken, the next support level awaiting bitcoin will be set at 334 US dollars, followed by a 350 US dollars support level. After that, the next, but unlikely reachable level in the near future, is the 385 US dollars support level. The future of Bitcoin remains to be seen.