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Bitcoin Trading- BTC/USD Technical Analysis, Nov 24: BTC bounces back, challenging $380

by Leon Pick
    Bitcoin Trading- BTC/USD Technical Analysis, Nov 24: BTC bounces back, challenging $380
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    Bitcoin (BTC/USD) has mounted a bit of a comeback during the past 24h, gaining 8.6% to $380 on BTC-e. Since bottoming below $340 late last week, BTC has recovered by nearly 12%.

    The current peak challenges BTC's highest points since 4 days ago, when it tried, unsuccessfully, to rally past $385.

    It can be said that the mini-rally was unexpected, with yesterday's analysis projecting the completion of a head-and-shoulders pattern back below $350.

    BTC/USD, Nov 24

    Volume has been average for recent times, 200-300 BTC per hour. The consistent volumes, combined with the average rise, at least indicate that a sudden drop in prices will not happen during the coming hours of trade.

    Today's rise means that BTC is back above its 50-day moving average (MA), its second time crossing the mark this month. Flat at $360, the MA had been a key support level, which was technically broken last week. In re-crossing the barrier, BTC's next big move is uncertain.

    On BTC-e, prices are about $4 (1.1%) off relative to peers.

    Bitcoin (BTC/USD) has mounted a bit of a comeback during the past 24h, gaining 8.6% to $380 on BTC-e. Since bottoming below $340 late last week, BTC has recovered by nearly 12%.

    The current peak challenges BTC's highest points since 4 days ago, when it tried, unsuccessfully, to rally past $385.

    It can be said that the mini-rally was unexpected, with yesterday's analysis projecting the completion of a head-and-shoulders pattern back below $350.

    BTC/USD, Nov 24

    Volume has been average for recent times, 200-300 BTC per hour. The consistent volumes, combined with the average rise, at least indicate that a sudden drop in prices will not happen during the coming hours of trade.

    Today's rise means that BTC is back above its 50-day moving average (MA), its second time crossing the mark this month. Flat at $360, the MA had been a key support level, which was technically broken last week. In re-crossing the barrier, BTC's next big move is uncertain.

    On BTC-e, prices are about $4 (1.1%) off relative to peers.

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