Bitcoin Trading- BTC/USD Technical Analysis, Nov 20: BTC turns sharply lower, breaks $360

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 turned sharply lower in the past hour, losing as much 6% to $354 on BTC-e. It is currently trading at $362.

The break below $360 continues the head and shoulders pattern that had been in formation. $360 had been the final point of support before the pattern was confirmed. It was assessed that the emergence of such a pattern will likely lead to further declines into the low $300's during the short-intermediate term.

The sheer momentum of the drop, which has been accompanied by a volume spike of 2600 BTC (~$962,000), indicates that it may take at a few hours before until solid ground is discovered.

The sudden drop has also sent BTC back below its 50-day moving average (MA), which also at $360, underscored the significance of the support level. BTC spent 12 days above the mark after not having traded in the range since late July when prices were in the low $600's.

As is common for such drops, the price disparity between BTC-e and its peers has reversed, with prices on the former about $7 (1.9%) higher.