Bitcoin Trading- BTC/USD Technical Analysis, Nov 30: BTC spikes, still can’t break out of $380’s

Bitcoin (BTC/USD) bounced back from a 5-day low of $354 on BTC-e, jumping to as high as $386 on Bitcoin

Bitcoin (BTC/USD) bounced back from a 5-day low of $354 on BTC-e, jumping to as high as $386 on Bitcoin Black Friday before settling at $373 on BTC-e.

The pair continues to struggle making progress past the $380’s, which have not been surpassed in nearly two weeks despite multiple attempts.

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While the improved price action has kept BTC healthily above its 50-day moving average (MA)- itself rising again as prices have stopped their intermediate-term fall- the formidable $380 barrier signals that a recovery rally is not in the cards right now.

At the same time, BTC has shown a recent aversion to any point below its $360 support level, thus forming a tightening range around $370. In the past, such flattening behavior- which can continue for weeks- was a precursor to the next major move.

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Volume has trailed off from 1000 BTC/hour during the spike to below 200.

BTC/USD, Nov 30

This past Bitcoin Black Friday was expected to be the biggest ever. As shoppers required bitcoins to participate in the deals, in theory there should have been a spike in bitcoin demand, driving prices upward. Whether such demand was responsible for the aforementioned spike- which was pretty average for bitcoin trading standards- is unclear. Either way, its effect seems to have since waned.

Prices on BTC-e are about $4 (1.1%) lower relative to peers.

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