Bitcoin Trading- BTC/USD Technical Analysis, Nov 5: BTC climbs to highest point this month

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 bounced back, hitting $338.50, its highest price this month on BTC-e. The rise represents but a small break in its losing streak that started in mid-October.

The streak saw BTC set successively lower multi-week lows. It did hold off, however, from seriously threatening 2014 lows. Selling decelerated 24h ago when prices compressed no further, bottoming at $318, less than a dollar off the lows set 48h prior. The $320 area has functioned as a reasonable short-term support level of sorts in November.

Right now, BTC needs to get over the $338 hump in order to have any chance of recovering further in the near-term. It ran out of gas at the same mark 72h ago.

The rise of 6.3% over the past 24h is the largest in a week.

Volume has been moderate, averaging 200-300 BTC per hour on BTC-e. One should note that dollar-based volume is fairly low relative to what was considered average periods several months ago, as the corresponding price of 1 BTC has declined significantly.

BTC-e is trading at a $4.30 (1.3%) discount relative to its peers.