Daily Bitcoin Price Analysis: Sideways trend Continues Until the End of The Year?
After declining to $425 the Bitcoin price managed to rise to $437. It seems that on Christmas Eve trading activity decreases gradually. According to the expert Simon Dixon, CEO at BnkToTheFuture and Fund Manager at Bitcoin Capital, who has also written two books on the future of finance, in the next 24-36 hours, we can expect a levelling at $450. Today the final data on the GDP in the United States for the 3rd quarter of the year will be published at 1:30 p.m. London time (GMT) and data on the volume of sales in the secondary market in November will be published at 4:00 p.m. London time.....
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Yesterday's speech by ECB President Mario Draghi had no influence on the Bitcoin price. However, cryptocurrency traders still haven’t decided on an exchange trend direction, so the pair BTC/USD continues its sideways trend between the levels of $350 and $360. Shortly before the speech by ECB President, the US Dollar index (USDX) rose to the level of 100.58, which led the dollar on profit-taking and caused a rise on the Euro. Yesterday, Mario Draghi said that this period of abundance with regards to liquidity will be long. In addition, inflation forecasts for 2016 were revised to the....
As expected, the pair BTC/USD has spent the last day of autumn without any rush. The Bitcoin price remained in the range of $350 – $380. Yesterdays’ sideways trend could be attributed to the expectation of correction before another rise. Considering weak statistics from the US Dollar there is no reason for its growth today. Today it is obvious that the sideways trend will continue on the level of $350 – $400. However, after reaching $340 the Bitcoin price may drop back to $320 and $310. Given that there should be releases of key macroeconomic data in the US today we expect the Dollar....
As we expected, the BTC/USD pair was moving in a sideways trend yesterday. Without reaching the first level of support at $340 the Bitcoin price rate began to rise to $365. However, while Bitcoin is overbought and the Dollar is strong, bulls don’t feel optimistic enough. The main price factor today is the publication of the European Central Bank decision on monetary policy followed by speech of ECB President, Mario Draghi. During the first moments of the speech we can expect a highly volatile price on the Euro, which can affect the Dollar’s exchange rate, and, by extension, Bitcoin’s.....
The price of bitcoin continued moving sideways today, oscillating between $204 and $214. Earlier today, the price of bitcoin recorded a low of around $203, before bouncing back to $214 during the following hour. Since the 18th of January, the price of bitcoin has been moving sideways, which reflects the market's attempt to correct the price, yet the price will soon break out of this trend and increase as implied by the Fibonacci retracement fan plotted on the 1 day Bitcoin/USD charts (look at yesterday's analysis). By studying the Bitfinex 1 hour Bitcoin/USD charts from tradingview.com....
Yesterday the BTC/USD trading pair tried to gain a foothold at the level of $420 but failed. In the evening, we saw a pullback to $405. Today, we expect the publication of data on initial applications for unemployment insurance in December from the US. While tomorrow, the US will publish data on retail sales, which are expected to be positive. Publication of this information will increase the pressure on Bitcoin, and at the time of this news release, we may see some volatility in the market. In general, the Bitcoin price maintains on an upward trend, while the goal of $500 remains a....