Today is Thu, October 12, 2017 20:01:50 GMT
RSS Follow Us Follow us on Twitter Friend us on Facebook
Currencies BitCoin Bitcoin: BTC/USD Technical Analysis – 22nd December 2014


Bitcoin (BTC/USD) is trading higher today, currently at $326 on BTC-e. Earlier, it continued its choppy ways, spiking to over $332 on a sudden surge in volume to over 1000 BTC/hour. It was BTC’s highest point in six days, a difficult period which saw it nearly break $300.

The sudden spike helped it overcome a recent aversion to $330, although the spike was short-lived. BTC immediately pulled back toward current levels and is threatening to break through its immediate-term support of $324.

The rise, albeit brief, may have set the tone for a larger mid-term recovery, which many traders are expecting at current depressed prices. However, the rise may have purely materialized from a temporary shortage in supply. Volumes have weakened to 300 BTC/hour.

As assessed yesterday, BTC would have to break out of $340 in order to prove that any rally has legs.

Prices on BTC-e are within $2 (0.63%) of those on its peers, possibly indicating stabilization near current levels in the immediate term.

About DC Magnates

dcmagnatesCreated by the team at Forex Magnates, Digital Currency Magnates was founded on the premise that “the future of money is digital”.  With this in mind DC Magnates was created to become a source of news and research for the digital currency industry, reporting on breaking news, unique companies  and alt-coins bringing innovation to the market, as well as a portal for real time trading information featuring analysis and charts.