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Bitcoin Trading- BTC/USD Technical Analysis, Nov 6: BTC unexpectedly breaks $338, hits 1-week high

by Leon Pick
    Bitcoin Trading- BTC/USD Technical Analysis, Nov 6: BTC unexpectedly breaks $338, hits 1-week high
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    Bitcoin (BTC/USD) unexpectedly overcame the $338 resistance point, rising minutes ago to $347 on BTC-e. This is BTC's highest traded price in a week. It can double that feat if it continues its mini-streak to above $352, a high set two weeks ago that faded rather quickly.

    Since bottoming at $318 two days ago, BTC has sprung back to life, gaining 9%.

    Should it rise further in the short-term, there is no shortage of additional resistance points along the way. These have accumulated in a lengthy 2-month decline marred by rallies that fizzled earlier than expected, planting doubt in investors' minds if/when the long awaited recovery will arrive.

    DCMagnates_btce_btc_usd (2)

    Should it make it there, the most difficult corridor to navigate will be around $385, tested repeatedly 2.5 weeks ago to no avail. Thereafter, BTC set out on its latest leg of decline, losing over 10%.

    Prices on BTC-e are their average of 1.3% ($4.50) lower relative to its peers.

    Bitcoin (BTC/USD) unexpectedly overcame the $338 resistance point, rising minutes ago to $347 on BTC-e. This is BTC's highest traded price in a week. It can double that feat if it continues its mini-streak to above $352, a high set two weeks ago that faded rather quickly.

    Since bottoming at $318 two days ago, BTC has sprung back to life, gaining 9%.

    Should it rise further in the short-term, there is no shortage of additional resistance points along the way. These have accumulated in a lengthy 2-month decline marred by rallies that fizzled earlier than expected, planting doubt in investors' minds if/when the long awaited recovery will arrive.

    DCMagnates_btce_btc_usd (2)

    Should it make it there, the most difficult corridor to navigate will be around $385, tested repeatedly 2.5 weeks ago to no avail. Thereafter, BTC set out on its latest leg of decline, losing over 10%.

    Prices on BTC-e are their average of 1.3% ($4.50) lower relative to its peers.

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