Bitcoin and most cryptocurrencies stabilized after the large losses experiences last week. In BTC/USD prices are hovering around the $200 round figure, Litecoin is flirting with $1.30 and Peercoin is trading near 30 cents per coin. We expected this development, in our last update we wrote that the selling is likely overdone. Cryptos formed large V-shaped reversal patterns last week, indicating that losses are over, at least in the short-term. We also cautioned our readers that longs would be dangerous here due to the still prevailing long and medium-term downtrends.
Bitcoin Trading Around $200 per Coin
Big Brother Bitcoin has been trading above and below the $200 mark for the past few days. The top of this newly formed congestion area stands at $226 and the bottom is at $192.57.
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