Coinbase and Bitstamp tests respective floors
Bitcoin is testing key floor levels on their respective exchanges.
Looking at Coinbase, the floor comes in at $15690. As I type, the price is trading below that floor (just broke). The 38.2% of the move up form the Nov 12 low comes in at $14398 and would be a downside target if the selling can keep the momentum going. The price has been able to stay below the 200 hour MA since breaking yesterday.
On Bitstamp, their floor comes in at $15343-$15497. The price just traded down to $15323 - below that floor area. The 38.2% for that exchange comes in at $14275 (see chart below).
The falls below the swing lows for the digital currencies on their respective exchanges, is more bearish. Be aware.
Bitcoin trades at different prices on different exchanges (this is one of the problems for traders). That can lead to different technical stories from time to time. For example, yesterday on the Coinbase exchange, there was a liquidity void that sent the price tumbling to $14000. The Bitstamp low was much higher ($15800 was the corresponding swing low).
However, in more normal times, the technicals tend to line up. If a technical level is broken on both of the major exchanges, it gives traders more to base a trading bias on.
