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Currencies BitCoin Bitcoin: BTC/USD Technical Analysis – 22nd December 2014

Bitcoin

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.

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