Daily Bitcoin Price Analysis: Bearish Trend Still Relevant

The pair BTC/USD went on a tour to the South descending to the lowest point of the downward triangle to around $316.94.

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Daily Bitcoin Price Analysis: Bearish Trend Still Relevant

As we presumed yesterday, the pair BTC/USD went on a tour to the South descending to the lowest point of the downward triangle to around $316.94, where it met a strong resistance from bulls and then rebounded to the level of $318.80. The pair is currently trading at the level of $319. Do not forget about the dollar: the recent report on US GDP influenced the USD price in the world. It is expected, that US dollar will be in demand in the near future. The important macroeconomic indicators that will be released in the US today have a major influence on the price as well:

  • The number of initial claims for unemployment insurance benefits in November
  • The volume of real-estate trades in October on the primary market
  • The changes in the volume of orders for durable goods in October

Forecasts for these indicators remain positive, so that the dollar will strengthen. But it should be noted that the downward trend potential is not fully exhausted.

Considering this today we can expect the BTC to USD pair to raise to the level $319.35 and $319.45, followed by the continuation of decrease to $318.50, $318.40, $318.15. Breakthrough of the $319.45 mark should pave the way to $320 and $321. Now the level of resistance still stands on $325.2 and possibly $330, support level is $317.

The chart

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