Bitcoin Trading- BTC/USD Technical Analysis, Nov 5: BTC climbs to highest point this month

Bitcoin (BTC/USD) has bounced back, hitting $338.50, its highest price this month on BTC-e. The rise represents but a small break in its losing streak that started in mid-October.

The streak saw BTC set successively lower multi-week lows. It did hold off, however, from seriously threatening 2014 lows. Selling decelerated 24h ago when prices compressed no further, bottoming at $318, less than a dollar off the lows set 48h prior. The $320 area has functioned as a reasonable short-term support level of sorts in November.

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Right now, BTC needs to get over the $338 hump in order to have any chance of recovering further in the near-term. It ran out of gas at the same mark 72h ago.

The rise of 6.3% over the past 24h is the largest in a week.

Volume has been moderate, averaging 200-300 BTC per hour on BTC-e. One should note that dollar-based volume is fairly low relative to what was considered average periods several months ago, as the corresponding price of 1 BTC has declined significantly.

BTC-e is trading at a $4.30 (1.3%) discount relative to its peers.