Bitcoin Trading–BTC/USD Technical Analysis, Dec 21: Prices Choppy on Low Volume

Bitcoin (BTC/USD) trading remains choppy in a low volume environment this weekend after nearly slipping below $300 last week.

After falling to its lowest point since early October, the pair whipsawed higher by as much as seven percent to $324 on BTC-e, only to revisit the low 24 hours later. Thereafter, it climbed as high as $330, giving the impression that a critical bottom was reached and a large-scale reversal was in the works.

All this, however, took place on low, inconsistent volume. The rally waned, or at least took a pause, and the pair fell back to $315. It is currently trading at $318, the next moves highly uncertain. At current levels, any rally is likely to be short-lived unless the pair gathers sufficient momentum to escape out of the $340s.

The pair has not experienced a gain of 10% since one month ago when it rallied to $389.

Prices on BTC-e are $7 ($2.2) off those on its peers, possibly a result of the choppy activity.