Daily Bitcoin Price Analysis: Traders Cannot Choose Direction
Yesterday's Bitcoin price forecast came true, and a pair BTC/USD was in trade in the range of $380- $350. Currently, Bitcoin price is at the level of $351. However, now Bitcoin is in the middle of a correctional wave, and the price has found support at this level. At the same time, the possibility of further correction today is still possible, as the market is in a state of uncertainty. However, on an international scale the potential of growth for Bitcoin price is no where near exhausted yet. Soon after the completion of the correction, we may see a new growth spurt. On December 2, 2015,....
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As we suggested yesterday, Bitcoin price moved in the corridor of $390 - $410. And traders can not choose a direction for further price movement. On Monday, the major stock markets faced a decline that can be seen as a technical rebound after rising on Friday. Yesterday, the release of the Eurozone business climate index in Germany (IFO) on business sentiment and business conditions was published. The survey involved 7,000 companies and as a result IFO showed 107.3 (previous figure of 108.6) which is the smallest data point for the past 11 months. IFO is closely interconnected with....
Bitcoin Price shows no clear direction and may wander sideways before making a move in the new year. Bitcoin Price Analysis. Time of analysis: 10h00 UTC. Christmas Season. Jim Frederickson had successfully forecast a price low of $305 (Bitstamp) on 18 December. His forecast included a remark that the Bitcoin price chart is unlikely to launch straight into a rally and that a subsequent break below $300 may witness another sell-off. With no definitive indications in the chart, the matter of Bitcoin price direction remains unclear in the short-term and we may have to wait for the end of the....
Bitcoin’s price has not formed a medium-term trend. Such behavior only makes the environment more strained for the traders who are currently holding on their medium-term positions. All that can result in a strong movement. Which direction will Bitcoin choose? The rebounds which are currently happening near the key level of $428 indicate the lack of people who are willing to bet on further growth. The most likely explanation is that the traders are closing their positions whenever the price nears that resistance line. Doubts about the medium-term trend are prevailing over the traders who....
Bitcoin price is drawing sideways along a Fibonacci Fan line. While it would be highly beneficial to know the market's next directional move from the current juncture, it is just one of those times in the chart where even the market does not know what it will do next. This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29. Bitcoin Price Analysis. Time of analysis: 07h46 UTC. Bitfinex 15-Minute Chart. From the analysis pages of xbt.social, earlier today: The 15-minute Bitfinex chart....
The minimal target of the upward trend has been reached. Bitcoin’s price is in rebound before a new push. What direction will Bitcoin choose? The upward trend didn’t follow through, but despite that, Bitcoin’s price has still reached its nearest target. The level of $418-19 was a peak of a bearish rebound within a larger scale trend. Movements like these are usually followed by a rebound towards the larger structure, which in our case has started at $403. The peak of that rebound is going to be around $410.5, where Bitcoin’s price may suddenly stop and pick a direction.