If you recall what we wrote yesterday in our Bitcoin Trading Alert:
Bitcoin has been trading between $400 and $450 for more than two weeks now. It seems as though this period of stabilization might be a prelude to significant moves in Bitcoin. Based on the current short-term outlook, it seems that the next big move will be to the downside.
We’ve seen some of this depreciation today. In fact, our hypothetical position for BitStamp, first suggested in our alert on May 8 when Bitcoin was at $445, is already profitable with Bitcoin currently at $437.78.
On BTC-e Bitcoin barely edged lower yesterday and the trading volume was lower than on the day before. This looked like a possible breather in a decline. The currency was still between $400 and $450 and the short-term outlook was bearish.