Daily Bitcoin Price Analysis: Bitcoin Buyers Optimism strengthens

Despite the positive reports from the United States, positive macroeconomic indicators seem not to be supporting the dollar enough. However, yesterday the pair BTC/USD was traded at a range of $320- $330. After consolidation within a descending triangle the BTC to USD price began to rise in the Asian session and reached a level of $332, where it met the resistance from Bitcoin sellers.

Considering holidays in the United States today the main trades will be held during the European session, that should rule a roost for the BTC price today. Going above the $332 price level gives a bullish momentum to Bitcoin, and can serve as a signal for opening long-term positions. Now the level of $340 looks quite convincing.

However, Bitcoin bulls have not enough reasons for optimism. Another important factor is Bitcoin being overbought, which affected its price in recent days.

The US dollar currency basket index today reached multi-year highs levels, and according to the statistics the dollar is strengthening its position. Moreover, it’s necessary to take into account that the reduction of oil prices may continue at any time, and this in turn will support the dollar. For nine weeks US crude oil inventories are increasing, thus gasoline inventories also increased.

All these data show that the economy of the United States feels quite confident therefore weakening of the dollar in the short term is not expected. On November 26, 2015, support level for Bitcoin stands - $320 and $315, the resistance level is $345 and $350.