Bitcoin Slightly Up, New Trading Range Defined

Bitcoin prices are trading slightly up today. After reaching a low of $465.99 in the early trading session, BTC/USD rallied to hit a daily high of $474.20. The move up stopped there however and in the next 10 hours prices have remained more or less unchanged. One bitcoin is currently selling  for $472 on BTC-E, compared to $474 on BitStamp.

The crypto has now defined a new trading range with a high at $485 and a low at $460. On the top end, the first major resistance area will be the round $500 level. Further up, the August 21st swing high near $530 may provide some resistance. A crucial line in the sand for BTC will be the $550 figure, this was a previous support level that held up the assaults of the bears for over 2 months. It will likely present a challenge to the bulls. On the lower side, the $460 low is followed by minor support at $450, then by the round figure at $400. Lower still, the $330 to $350 support area will be the crucial milestone for the bears. If negative sentiment prevails and the $330 figure gives way, bitcoin prices could quickly fall to the April 2013 swing high at $266.

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