Crypto Trader Daily – 27 February 2014

Price Action

Welcome back volatility. The Asian lunch hour(s) featured a short squeeze on Bitfinex that started a rally to $262. The price is now fluctuating in a $250-$255 range. Now that the market has awoken from its slumber, expect some fire works this weekend as Chinese traders make up on lost time.

Trade Ideas

A solid break above $260 and the recent $270 high will be tested. Given the amount of time the price spent flat-lining from $235-$240 this rally could continue to $280. Purchase XBTH15 below $260 to express this view.

In the News

DigitalBTC reports loss in ASX filings (CoinDesk)

Gavin Andresen improves Bitcoin’s block validation performance (CoinTelegraph)

Greek bank run intensifies, Piraeus Bank ATMs run dry (Zerohedge)