Lifting the Offer: Bitcoin trading the week of November 23, 2015

Lifting-the-Offer-Week-of-11.23.2015

The price of bitcoin was up just over 1% the past week, touching a high of $344 on Wednesday before settling in the $320-$325 range to close out the week. With the looming Thanksgiving holiday this week in the U.S., traders should anticipate lower volumes and stagnant prices.

CHECK OUT OUR YEAR-END PRICE OUTLOOK FOR THE BITCOIN MARKET

 

Tradeblock-11.23.2015

Source: tradeblock.com


Bitcoin Price Recap

This modest week-over-week increase is not reflective of the market’s price movements which showed signs of heading back to the mid 300s early in the trading week. The bitcoin market was up nearly 6% through Wednesday before falling 5% by close of business Friday. 

The market established a solid new support level at $310 on Thursday, and rounded out the week trading in the low $320s after a quiet weekend. 

OUR LATEST BITCOIN RESEARCH DELIVERED TO YOUR INBOX. SUBSCRIBE TO ITBIT TRADING BLOG TODAY!


Bitcoin by the Numbers

Bitcoin-Price-and-Market-Cap-11.23.2015

Bitcoin Trading Week Ahead

Although bitcoin trades 24/7, the shortened trading week in the U.S. market may prove disruptive for global traders. With the U.S. federal wire system offline Thursday for Thanksgiving and many institutional trading desks on holiday through Monday, volumes will likely be low throughout the trading week. Given the expected lack of volume, traders should be prepared for heightened volatility, particularly on Thursday and Friday.

This week, traders can find support at $310 and resistance at $328.


Best Bits from Last Week


Bobby Cho is the Director of Trading at itBit and leads our OTC Agency Trading Desk. Previously, Bobby was Vice President of Trading at SecondMarket where he helped create the first broker-dealer based institutional bitcoin trading desk. He has extensive experience in both bitcoin and securities trading with clientele ranging from Fortune 500 companies, hedge funds, asset managers and other financial institutions.

 

Trade on itBit’s OTC Agency Trading Desk and Receive $50

Trading over 100 bitcoins? Use itBit’s OTC desk and receive $50 in bitcoin after your first trade! 

Personalized Trading Support | Low Fees | Same-Day Settlement

LEARN MORE  

 

*All data and references are current as of 9:00AM EST on 11/23/2015.

Lifting the Offer Legal Disclaimer