Bitcoin Trading- BTC/USD Technical Analysis, Dec 3: BTC Pierces through $370

Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term (BTC/USD) posted two sudden drops of 3% during the past 24 hours, separated by a brief retracement, sending it below $370 for the first time in five days on BTC-e.

The pair had been enjoying its longest stretch of stability since October, trading no more than 2% off of its average price of $377. The stability has kept the pair above its 50-day moving average (MA) for 10 days, matching its tenure above the mark prior to its drop to $340 two weeks ago. Prior to that, the pair had bot-traded above this level since late July.

The biggest hurdle right now is the $380s. Today's activity is a reminder that such windows of opportunity are not open indefinitely. Whether the piercing of $370 was just a fluke or whether it will propagate further is unclear at this point. It took place on moderate volume which has since waned.

The gap between prices on BTC-e and its peers has widened to $7 (1.9%), which is not uncommon during sudden drops.