Bitcoin Trading – BTC/USD Technical Analysis, Jan 28: Price Testing $240

Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term (BTC/USD) has fallen below $250, now testing its next support point of $240, which has been held for over 72 hours. It is currently trading at $248 on BTC-e.

The $240 mark has provided some stability and served as the platform for BTC's sharp rise to over $300. That rally, which was possibly motivated by Coinbase's launch of its bitcoin Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term, was short-lived and prices dove to $250 nearly immediately after the launch.

The $240 mark has been tested repeatedly during the past 24 hours. Its breach would effectively destabilize the flattening necessary to show that the spike to above $300 was really the first leg of a larger rally. Instead, it may mark the completion of a head-and-shoulders pattern signalling BTC's return back to the low $200s.

The recent fall has sent BTC back to well below its 50-day moving average (MA). It had traded above this point for less than 24 hours after not having surpassed it since early December. The MA, now approaching $280, is at its lowest level since during BTC's super rally to over $1,000 in November 2013.

Prices on BTC-e are $5.50 (2.2%) below those on its peers, still slightly above the average offset.