Coinalpha's  Instablog

Send Message
Bitcoin and Virtual Currency Investing, Education and Research.
My company:
My blog:
  • Bitcoin Struggles With Resistance, Will It Head Back To $100? 0 comments
    Apr 26, 2013 3:00 PM | about stocks: USD

    April 26, 2013 ( - Bitcoin has tried to break above $160 in the last couple of sessions but so far has not been able to overcome this resistance area as pressure on the virtual currency mounts, making a test of $100 a likely scenario that could play out in the days ahead…

    In our previous analysis, we explained the importance of monitoring Bitcoin's price behavior, especially during pullbacks to the previous triple top resistance, potentially strong support around $140.

    Our view was that if Bitcoin forms a base above $140 and does not encounter steep resistance in the $160 area, we would not be surprised to see another leg higher to our next target area between $190 and $200.

    In today's trading session, however, the virtual currency maintained below $160 and struggled to hold above $140, breaking below this important support area and reaching as low as $120.08 on Mt. Gox- the world's largest Bitcoin exchange.

    (click to enlarge)

    BTC Daily Chart Provided by

    We consider the drop below $140 as a significant sign of weakness. This level used to be a previous triple top resistance but has failed to provide strong support on the way down.

    As we pointed in our outlook earlier this week, the inability to form a base above $140 could send a signal that the two-week long price correction of Bitcoin's losses may be coming to an end and could give traders a green light to push the virtual currency back to $100.

    Stocks: USD
Back To Coinalpha's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers


  • Bitcoin Price Range-bound between $50 and $100- watch for breakouts!
    Apr 17, 2013
More »
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.