Daily Bitcoin Price Analysis: Bitcoin Is Temporarily Stable Waiting For Active Players
The price has reached a top of $433, thus forming an ascending triangle. But there was not enough effort to move up.
Yesterday the pair BTC:USD was trading in a sideways trend of $428 - $433. The price has reached a top of $433, thus forming an ascending triangle. But there was not enough effort to move up. The market froze in uncertainty. Both the bullish trend and bearish trend are now possible. A breakthrough by one of the parties would mean a shift in the price of at least $20, up to $455 or down to $410.
The reason for this is the strengthened position of the US Dollar in recent days, which today is in high demand among players. Yesterday, the Dollar again showed a strong position on foreign exchange markets. Today we expect a number of news items from the United States to be released, namely:
- ADP Employment report on the changes of the number of employees in December. Forecasts are 192K, while the previous number was 217K.
- The release of US International trade in goods and services report for November 2015. Forecast -44,0B, the previous value was -43,89B.
- ISM report on the index for the non-manufacturing industries in December. The forecast is 56.0, the previous value was 55.9.
- Data on the total stocks of crude oil in the US. Forecast -0,500M, the previous value 2,629M.
Also a summary of the Federal Reserve System’s latest meeting will be published.
Each of these publications may have an impact on the exchange rates of BTC vs. USD.
Today, January 06, we expect movement of the Bitcoin price within the corridor $420 - $440. The level of support is $410. The resistance level is $440.
Given that Bitcoin has long been trading near the level of $430, another question is raised: how quickly should we expect the recovery of the uptrend?
This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell Bitcoins.