Bitcoin Double Bottoms Near $300, Next Move Awaited
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Bitcoin’s double bottom near $300 survives, for now. Today’s foray lower stopped at $304.98, around $1 dollar higher compared to yesterday’s low at $304.05. Since hitting the lows BTC rebounded somewhat, peeking at $317.50 later in the day. We are currently quoted at $315 per coin on BTC-E. As usual, prices are slightly higher on rival exchanges BitStamp $319 and OKCoin $321.
Double bottoms can be warning signs that point to a reversal. But for now, the trend remains firmly to the downside. While a BTC/USD move above $320 should be a cause for worry to the sellers, to snap the downtrend we will likely need to see a break of $335. On the lower end, a break of the $300 round figure should lead to more losses toward $285. Further down, the $266 mark, the highest high for BTC during most of last year, will be an important line in the sand. A break below here could lead to longterm bitcoin losses.
Singapore exchange and wallet service CoinHako received a “six figure” capital infusion from Tim Draper. The company took part in ”Tribe 4”, a (mostly bitcoin) VC accelerator program run by of Draper’s son Adam.
”Liquidity and pricing remain a problem in Singapore and Southeast Asia”, says Draper and adds ”CoinHako is cleverly filling up those gaps. Singapore is also one of the most competitive places in the world to do business”. CoinHako’s trading fee is 1.9%, not really suitable for trading purposes, unless you have a longterm approach.
Tim Draper was the sole winner of the first bitcoin auction back in July, netting over 29,000 coins. The VC investor only got a 2,000 piece of the most recent 50,000 BTC auction this month.
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