Bitcoin Trading- BTC/USD Technical Analysis, Nov 10: BTC extends rally, clears $360 hurdle

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) has resumed its hot streak, jumping another 7% during the past 24h. It is currently trading at a 17-day high of $368 on BTC-e.

Since bottoming at $318 last week, BTC has returned 15%.

BTC has successfully cleared $360, a difficult point of resistance encountered 2 weeks ago. Mid-term, the next challenge will be the formidable $380 range, which proved insurmountable following its latest return to above $400.

BTC will need to eventually spend some time back above $400 in order to make a case that a bottoming has indeed occurred and long-term recovery is in the works.

BTC still remains nearly 30% off its 200-day moving average (MA), which recently slipped below $500 for the first time since March. However, today's jump brings it above the 50-day MA for the first time since late July, when prices were hovering near $600.

Volume, which was below average during flat trade over the weekend, has picked up significantly during today's rise. Close to 500 BTC have crossed hands per hour, on average, during the past 24h.

Prices on BTC-e are roughly equal to those of its peers, which is not uncommon during uptrends.