Daily Bitcoin Price Analysis: Bitcoin Grows While The Dollar Faces Price Corrections
December 9th, we can expect new Bitcoin price growth while the Dollar is under pressure.
Our expectations were met again with the price of BTC/USD overcoming both resistance levels of $400 and $410. Currently, the Bitcoin price reached $ 420. During today, the price rose by 7%. However, this situation is primarily due to a falling price of the US Dollar against various currencies such as the Euro, British Pound, Yen, and well Bitcoin too. Moreover, a report on China's trade surplus, which resulted in the situation on the commodity market in China stabilizing was recently published. According to that report, net export increased by 64% in comparison to the year 2014. Positive statistics from China always seems to support the Euro and has a negative impact on the dollar.
Last week the quarterly GDP growth rate in the Euro Area report was published and showed an increase of 0.24%. Although, the data is weak, it’s still positive for the euro. The revised data on the GDP of Japan, also published recently, showed a growth rate of 0.3%, which is good compared to the projected -0.2%. All together, it suggests that the dollar came under pressure. Considering this background, Bitcoin has every reason to grow and overcome the $420 that will in turn open the route to the level of $430 and $440 respectively.
Today December 9th, 2015, can be identify with the resistance levels of $430 and $440. The support levels are $400 and $390.
The analysis and prognosis are the personal views of the author and are not a recommendation to buy or sell Bitcoins.