Kerrplunk was the sound Bitcoin made as it careened through $240 to $231 on Bitfinex. It looks as if the rout is over, but you can never be sure in Bitcoin. If $230 can hold over this weekend, a possible local bottom will have formed and a push higher can begin anew.
To play a rebound in prices, buy XBTJ15 with a target of $250 on the futures price.
In the News
GAW Miners Sued for Breach of Contract (CoinDesk)
PayPal Now Allows Its Merchants to Accept Bitcoin Payments (Coinspeaker)
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.
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)