Bitcoin: BTC/USD Technical Analysis – 23rd December 2014

Bitcoin gradually climbed to a one-week high of $333 on BTC-e, now trading at $329.

Volume continues to be choppy, with periods of sub-100 BTC/hour activity intermittently dispersed with those exceeding 500.

Its big hurdle remains the $340 range which, until surpassed, makes it unlikely that the recent retracement will blossom into a larger mid-term recovery.

Optimistic traders have cautiously moved in during an otherwise very quiet week of developments in the crypto world. Still, investors aren’t taking any major bets heading into the holiday season, in stark contrast to last year’s December which saw prices reverse sharply higher after losing more than 50% from the $1100 peak.

BTC still remains six percent below its 50-day moving average (MA), now flattening near $355. It has not traded above this mark in two weeks, its longest stretch since October.

Prices on BTC-e are about $3 (0.9%) above those on its peers, which is average during periods of stable trade.

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