Bitcoin: How We Got Here and Where We Are Going
The latest move down started on rumors that the People's Bank of China has been sending out notices to Chinese banks, barring them from working with btc exchanges. Prices have been on a steady downward trajectory ever since, as more and more confirmation of the rumors came in.
Where are we going from here?
The range is set to continue until we brakeout above $500 or below $342. The medium-term trend, as indicated by the last few weeks of price action, is down. The long-term trend up is still intact unless we make a significant break below the important $266 level. The was the highest swing high in BTC/USD for most of 2013 until the November rally and is likely to be a significant support on the way down.
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