Bitcoin Trading- BTC/USD Technical Analysis, Nov 23: BTC bearish again after hitting 2-week low

This weekend, 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 kept up its bearish behavior, after hitting a 2-week low of $339.62 on BTC-e.

The behavior over the past 72 hours confirms earlier assessments that a return to the low $300's was in the making. All the damage took place on Thursday and Friday when BTC plunged by over 10%. In the ensuing 48 hours, BTC's retracement was unimpressively protracted and appears to be completing the final couple of legs of a head-and-shoulders pattern back into the $340's.

The pair currently trades at $356 on BTC-e. The retracement was enough to send BTC back to about par with its 50-day moving average (MA), holding steady at $360.

Since the bulk of the drop that saw nearly 5000 BTC ($1.8 million) change hands, volumes have tapered off to about 200 BTC an hour.

Prices on BTC-e have returned to within $4 (1.1%) of those on its peers.