Bitcoin Trading- BTC/USD Technical Analysis, Nov 26: BTC falls back to $360's
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) finds itself once again fighting off the $360's after failing to completely clear the $380's barrier. It hit a low of $362 8h ago and is currently trading at $368 on BTC-e.
This was indeed the next stage of the head-and-shoulders pattern previously anticipated, whose arrival was pushed off by one final spike into the high $380's.
With this pattern in formation and BTC once again knocking on the $360 support level, BTC is sitting in highly vulnerable territory and risks falling back to last week's lows during the next 5-7 days. The decline may take longer, as BTC has uncharacteristically yet to retrace the majority of its decline into the $360's.
Should the weak performance continue, it would be in stark contrast to the closing days of November last year, when BTC was finishing its meteoric rise to near $1100.
Prices on BTC-e are about $3 (0.8%) lower relative to peers.
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) finds itself once again fighting off the $360's after failing to completely clear the $380's barrier. It hit a low of $362 8h ago and is currently trading at $368 on BTC-e.
This was indeed the next stage of the head-and-shoulders pattern previously anticipated, whose arrival was pushed off by one final spike into the high $380's.
With this pattern in formation and BTC once again knocking on the $360 support level, BTC is sitting in highly vulnerable territory and risks falling back to last week's lows during the next 5-7 days. The decline may take longer, as BTC has uncharacteristically yet to retrace the majority of its decline into the $360's.
Should the weak performance continue, it would be in stark contrast to the closing days of November last year, when BTC was finishing its meteoric rise to near $1100.
Prices on BTC-e are about $3 (0.8%) lower relative to peers.