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28 Jan 2015
Bitcoin drops to 5-DMA
FXStreet (Mumbai) - Bitcoin prices or the BTC/USD pair trades 1.6% lower at 248.57 levels, thereby extending the losses seen in the previous session.
Technical failure at 50-DMA
The virtual currency failed to sustain gains above the 50-DMA located at 283.75 despite having breached the same on Jan 26th. Consequently, prices declined to test the 5-DMA today at 248.57 levels. Moreover, the pair had rallied almost 150 points from the low of 162.67 levels seen on Jan 14th. Thus, technical correction was due after such sharp gains in last few sessions.
Elsewhere, the BTC/EUR fell 0.58% to 227.58 levels, while the CoinDesk’s Bitcoin Price Index, which calculates the average price of the virtual currency across the globe, fell 2.57% to USD 255.32 levels.
Bitcoin Technical Levels
The immediate support is seen at 248.57 (5-DMA), under which losses could be extended to 240 levels. On the other hand, a break above 255.19 shall open doors for a re-test of 260.00 levels.
Technical failure at 50-DMA
The virtual currency failed to sustain gains above the 50-DMA located at 283.75 despite having breached the same on Jan 26th. Consequently, prices declined to test the 5-DMA today at 248.57 levels. Moreover, the pair had rallied almost 150 points from the low of 162.67 levels seen on Jan 14th. Thus, technical correction was due after such sharp gains in last few sessions.
Elsewhere, the BTC/EUR fell 0.58% to 227.58 levels, while the CoinDesk’s Bitcoin Price Index, which calculates the average price of the virtual currency across the globe, fell 2.57% to USD 255.32 levels.
Bitcoin Technical Levels
The immediate support is seen at 248.57 (5-DMA), under which losses could be extended to 240 levels. On the other hand, a break above 255.19 shall open doors for a re-test of 260.00 levels.