Daily Bitcoin Price Analysis: Buyers are Confident in the Bitcoin Price Growth
By the end of the last week the BTC/USD pair has shown a steady price growth. On November 26th, 2015, the bearish trend retreated under the pressure from Bitcoin buyers, and the BTC/USD pair is currently trading at the level of $376. Given the statistics for November, the US dollar price tends to strengthen, therefore, it has the potential to roll the Bitcoin price back to $350. After that a new impetus is expected to push Bitcoin to around $380-$400. To date, the support level for Bitcoin price is at around $340, while the resistance level is $400.
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Following ten months of downtrend and a decline low of $275 the price of Bitcoin is back above $400 and advancing steadily. CCN has been following the decline on a daily basis and our analysis called the bottom at $275 last Sunday. Be sure to stay tuned to CCN for blow-by-blow Bitcoin price analysis and daily target updates. The Bitcoin price's return above $400 is a sign that traders are confident in Bitcoin again. The advance from $275 looked like it would inevitably turn down - as it had on so many previous occasions during the decline. However, last night price touch the critical $400....
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During the Asian session, the Bitcoin price strengthened to $452. And this happens while we receive positive macroeconomic statistics from the US. Moreover, other currencies also grow against the Dollar. These facts suggest the activity of a large number of buyers, both in Bitcoin and other currencies, and that buyers are so optimistic that this overcomes the resistance of the Dollar. This suggests that in the short term, the Bitcoin price could resume growing. Today we expect the publication of the data on initial applications for unemployment benefits, but this shouldn’t affect the....
Bitcoin price climbed a few points higher before closing the week. Now, it looks like forming a short-term support area for more gains. Intraday Support Level can be $380. Intraday Resistance Level may be $390-95. We have been following a nice setup on the daily time frame chart for Bitcoin price. There are both positive as well as bearish signs on the daily chart and data feed from HitBTC. Looking at the bearish signs, the price is below the 100-day simple moving average which has stalled the upside move on more than 3-4 occasions. In fact, there was a spike in Bitcoin price this past....