Bitcoin retraced sharply since our last update, falling $123 dollars from the $459 high. In percentage terms, this hi to low decline amounted to 26%. Litecoin was disproportionally affected by the BTC correction, falling a fantastic 35 percent and effectively ending its short-lived rally. But let’s start with big brother first.
Bitcoin Retraces Sharply After Highs
Bitcoin retraced sharply after reaching new 13-month highs last Wednesday. The fall took us briefly to $336.22 but prices didn’t stay low for long and soon BTC/USD stabilized above the $350 handle. One coin is selling for $371.72 dollars at the moment. Last week we warned our readers that the parabolic gains are likely not sustainable:
”It’s hard to see this continuing without a sizable retracement in the next few days. This doesn’t mean that shorts are recommended because trends can often last far longer then anyone expects.”
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