Written by Albert LibenzoncontributorReviewed by Cyril Gilsonformer editorDaily Bitcoin Price Analysis: Bears Filled with Hopes
MagazinePublishedNov 24, 2015
Bitcoin price analysis on November 24-25 continues to face the pressure.
The Bitcoin price continues to face pressure. In addition to the recent accusations that cryptocurrency is used to finance criminal activities, more banks tend to develop and utilize their own Blockchain. It seems that bankers do believe that in terms of investment opportunities, decentralized transaction ledgers have the best prospects compared to traditional financial services and cryptocurrency itself. Therefore, what banks plan to do is create their own technology, private ledgers, to allow for costs savings and increased speed of transaction.
On November 24-25 the Bitcoin price charts formed a downward triangle. Given the news flow and the existing pessimism of traders, the lower level mark of the BTC to USD price can be estimated towards a low of $315. Performance indicators show a bearish trend. However, the price can sometimes reach upper testing levels around $325.2 and $325.5, these are still possible and can not be excluded. A breakthrough in this range can develop a strong trend for the growth of Bitcoin price to $330 and $340. However, while the price remains within a downward triangle the overcoming of the support level of $310 and $305 can open access to higher price levels.
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