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 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.
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 weeks 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.
