Crypto Trader Daily – 28 February 2015

Price Action

A new $250-$260 range has been established. The price spent most of the day hovering around the $254 level. The price appears to be firming up above $250. Early morning of 1 March China time will be interesting. The price has a habit of large moves while most Chinese traders are asleep or at the bar.

Trade Ideas

Increase long positions around the $250 level. Look for a decisive break above $260 in the early morning on the 1st of 2nd of March. Use XBTH15 to express this view.

In the News

China’s central bank conducts more monetary easing, lowering the Reserve Ratio Requirement in a surprise weekend move.

Paypal cuts support for Kim Dotcom’ Mega, time for Bitcoin? (IB Times)

Bitfury launches new 28nm ASIC chip (CoinDesk)