In the wake of more negative news bitcoin has dropped back down to the bottom of the same log channel which marked the lows back in April. Today the same trendline lies at $555 which is being tested now.
Its nice to see support on that line but I have a feeling price may well end up below there before this move is finished. It will be interesting watching that line of support anyway.
Bitcoin will continue to have uncertainty in its valuation due to the FED auction, which is still a couple of weeks away. Additionally coindesk has stories that ‘Eavesdropping attacks’ can unmask a high percentage of IP addresses on computers running bitcoin wallets. And the chinese are cheesed off with bitcoin.. again.
Heres a closer look at that bounce on support