Bitcoin started on a bad note this week with the price failing to sustain itself after falling during the February 22nd trading session. Experts blamed the fall on impatient traders who closed their positions before the bitcoin price was able to build the necessary momentum.
As we predicted yesterday, the 232-234 area received strong support and kept the price from testing the new bottom of around 227.
Sometimes it may not necessarily true that the fall are caused by impatient traders. If you ever play on margin you will realize that exchangers will automatically close the traders' long position if there is a margin call which means there is not enough fund in the account to sustain their negative position. This has to be done to protect the exchanger in the first place.