Daily Bitcoin Price Analysis: Traders Can’t Choose A Direction
The strengthening of the US Dollar, which would put pressure on Bitcoin. We assume the price movement will be within a range of $380 - $405
As we suggested yesterday, Bitcoin price moved in the corridor of $390 - $410. And traders can not choose a direction for further price movement. On Monday, the major stock markets faced a decline that can be seen as a technical rebound after rising on Friday.
Yesterday, the release of the Eurozone business climate index in Germany (IFO) on business sentiment and business conditions was published. The survey involved 7,000 companies and as a result IFO showed 107.3 (previous figure of 108.6) which is the smallest data point for the past 11 months. IFO is closely interconnected with Germany's GDP and its decline was alarmingly perceived by traders in the currency markets. The official release of the IFO noted that the German economy began the year with an unpleasant surprise.
The United States today will publish an index of consumer confidence. This index measures the level of consumer confidence and consumer spending forecasts. High ratings will have a positive effect on the Dollar, and we may expect it today.
Considering this, we expect today, January 26 2016, the strengthening of the US Dollar, which would put pressure on Bitcoin. We assume the price movement will be within a range of $380 - $405. The support level is $380, while the resistance level is $405.
This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell Bitcoins.