Yesterday, December 30, the price of Bitcoin closed at $425. Recall that at the beginning of the year the price of Bitcoin was $313. Growth for the year was 26.35%. Investors yesterday continued to take profits at the end of the year, market volatility has been low, and the price could not fall below the support level of $420. As we expected, the whole day yesterday the price of Bitcoin fluctuated within the corridor $420 - $440. In the Asian session also, special adjustments are not made. We asked Bitcoin expert Tomi Hrovatin from Slovenia, when will the bullish trend resume for Bitcoin? He is a developer of HODL Tools for trading and gave this answer:
“It's a holiday season and big players are at rest. Nothing significant is to be expected this year or even this week. To recover bull trend, we must first push over Main HODL SR level $449 (Bull Tgt 1). Only then we will see if bulls are strong enough to reach and breach Main HODL SR level $518 (Bull Tgt 2). If that level proves as support, we can sit back and enjoy the flight. Of course, there is always the bear side of the story. Another bounce from Main HODL SR level $406 (Bear Tgt 1) would still be bullish, make a nice local double bottom and create a good platform for an up move. If go lower and especially if we reach Main HODL SR level $363 (Bear Tgt 2), we can forget about bull market anytime soon. HODL Stick with a channel pulling up on all timeframes (1H +), supports a bullish case”.
Today, December 31, the last day of the year, we expect a continuation of the low activity of players and a sideways trend of $420-$440. With a level of support at $410. The resistance level at $450. Congratulations to our readers, a Happy New Year and we wish them every success in new investments in 2016!
And of course, the currently still open question, whether it is possible to consider Bitcoin a full long-term investment vehicle for a term of 5 years?
This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell Bitcoins.