Bitcoin Trading–BTC/USD Technical Analysis, Dec 28: BTC Falls to One-Week Low

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 resumed its fall in another choppy weekend of trading, hitting a one-week a low of $307.50 on BTC-e. The pair came within $3.50 of its two-month low of $304 set 10 days ago. It is currently trading at $309.

Since hitting that low, BTC climbed as high as $335 but has since completed its semicircular return toward $300. It may break this psychologically significant level during the next week based on its weakening mid-term profile of decreasing support and gradually lower peaks.

Should this take place, keep an eye on the $285, BTC's 2014 low set in early October. It is believed that a string of sell orders were triggered around $300, and losses may accelerate if prices hit another yet-to-be-discovered minefield.

Volume has been inconsistent, within occasional surges above 500 BTC/hour but more often below 100.

After last week's drop to $315, BTC remained flat for roughly 24 hours before climbing back to $330. From there, BTC unexpectedly plunged by 6.7% in two stages.

Prices on BTC-e are $5.50 (1.7%) below those on its peers, an above-average offset and possibly a side effect of the unstable trade.