US markets are closed today as the United States celebrates Thanksgiving holiday. Unable to trade stocks, US traders will have to look elsewhere for some action. It is not hard to judge where this increased activity will go – cryptocurrencies! As cryptocurrency markets are open 24 hours a day, 7 day a week, it is quite common to see more interest in crypto trading at times when regulated markets are closed.
Small gains can be spotted across cryptocurrency markets during the European morning trade. Trading volumes are expected to increase in the early afternoon when US traders wake up. Bitcoin is trading in an interesting technical place. Downward correction launched on November 10 was halted at the lower limit of the Overbalance structure at $55,600. Coin started to trade sideways later on with the $55,600 handle serving as the lower limit of the range and 23.6% retracement at around $59,500 serving as the upper limit. Having said that, $59,500 handle is the near-term resistance to watch.