By: Stephanie Brown
As Thanksgiving weekend approaches, retailers are gearing up for Black Friday. Black Friday is a retail spin-off, used by retailers to offer huge discounts just before the holiday season to substantially increase sales volumes. Bitcoin users unsurprisingly already jumped on the bandwagon. Bitcoin Black Friday has over the past two years gained considerable ground and is now highly anticipating this year’s retail bonanza.
Bitcoin Black Friday started small two years ago, with only 20 merchants initially supporting the campaign. Last year however, the number of retailers jumped close to 600 merchants, generating over $6 million worth of sales.
According to initial estimates, the number of retailers this year is said to be 1,200. Last year, the site had close to 100,000 hits, but this year this number is expected to grow considerably, as there are many more Bitcoin users and many more retail chains are now incorporating Bitcoin as a form of payment.
It is important to state however, that Bitcoin has had a rough year. After starting the year at approximately $940, the digital currency underwent intense selling pressure. The biggest reason for its massive sell-off was unstable Bitcoin exchanges such as Mt. Gox, along with many other security and regulatory hurdles. However, many industry experts still believe that there is still an enthusiastic Bitcoin community, which will actively participate on Black Friday.
Technical Analysis
BTCUSD finally broke out in yesterday’s trading session and is now ascending. Its immediate support can be found between $355 and $365, with its resistance on the upside situated between $396 and $410.
Actionable Insight
Buy the BTCUSD above $383 for target of $388, $393, with stop-loss of $380.
