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Bitcoin faces rejection at USD 355

FXStreet (Mumbai) - Bitcoin prices have weakened today after the virtual currency failed to rise above a key resistance levels on multiple occasions.

The BTC/USD is trading 1.90% lower at 345.00, after having failed to sustain gains above USD 350 levels today. Moreover, the virtual currency space has seen chart driven trading since couple of weeks due to the absence of fresh fundamental triggers. The BTC/USD has repeatedly faced rejection around USD 355 since the weekend. Meanwhile, the BTC/EUR pair has declined below 1.67% to trade at 274.88 levels.

Elsewhere, the Litecoin or the LTCUSD pair is trading 2.27% lower at 3.74.

Bitcoin Technical Levels

Bitcoin has an immediate support at 338 (Oct. 25 low), under which it can fall to 320 levels. On the flip side, prices may re-test 360 levels if the immediate resistance at 351 (daily high) is breached.

USD/JPY to remain in 107.05/108.80 range - UOB Group

The Market Strategy Team at UOB Group believe that USD/JPY will be trading in a 107.05/108.80 range in the nearest future.
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