Identify Support and Resistance

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
This is my first try to identify support and resistance . Above is resistance area $260~280, below is support $240. Due to breaking into $255~260 area lack of follow-through, so I think it worths to short below previous high $262.98, target $245~240. Newbies' idea anyway.
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