Bitcoin (BTC/USD) has risen gradually from $370 to $380 during the past 72 hours on BTC-e, bringing some stability after ending last week on a volatile ride.
It is BTC’s flattest activity since late October and it may be a prelude to the next big move. However, for this to happen on the upside, BTC faces the daunting task of climbing out of the $380s, something it has not done in nearly three weeks.
If BTC can make any meaningful advance past the $380s, even temporarily, the mid-term picture would look a lot rosier. Such a move would signal a bottoming out of the mid $300s, with a critical point of reversal at $340. Around its peaks, the bottoming would be in the mid-$380s.
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BTC’s 50-day moving average (MA) has gotten a bit of a boost from the improved performance of late, rising slightly to $363. It had not risen since late July.
Volume is below average with 150 BTC currently crossing hands per hour.
Prices on BTC-e are on par with those on BTC-e’s peers.