Daily Bitcoin Price Analysis: The Power of Sideways Trend
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.....
Related News
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....
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....
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 Bitcoin price remained within the range of $377 - $387. The negative macroeconomic statistics from China had no affect on Bitcoin. Now, four days after a significant decline, Bitcoin trading remains in a sideways trend. We decided to question the experts: do you think that the panic after the speech of Mike Hearn is over now and Bitcoin price growth resumes? Or should we expect a further decline? Here are some answers we received: Vishal Gupta is the Founder of Bitcoin Alliance India, CEO of SearchTrade, and Director at Moving Trumpet. He said: “Trading session this weekend will....
The price of Bitcoin started moving sideways today, after yesterday's rise, but the buying trading volume is keeping the price well above the $200 resistance point throughout the day. By drawing the Fibonacci retracement fan along a trend line that extends from the high recorded in November 2013 and the low recorded earlier this month (look at the below chart), we can easily identify resistance and support points at this stage. By observing the 1 hour (BTC/USD) chart from Bitfinex on tradingview.com and extending the Fibonacci fans from the 1 daily chart (look at the below chart), we can....