Yesterday, the price of Bitcoin was near $420 almost all the time. A Lack of news and the calm actions of investors made yesterday a quiet day in the market.

Today at 3:00 p.m. London time we expect the publication of consumer confidence in December data in the US. The forecasted number of 93.3 against the previous 90.4 should have, a weak, but positive impact on the Dollar. If this indicator exceeds the forecasted number by two points, than the Dollar may get a very strong signal for growth.

Today, December 29, the sideways trend is expected to continue in the corridor of $415-$440. The level of support is $400. The level of resistance is $440.

Most probably, the recent decline in the Bitcoin price is closely interconnected with the Christmas holidays. We can also see that there are no further declines but the price has found a strong point in the area of $420 very quickly, and doesn’t fall below this. This shows the power of Bitcoin and its ability to resume growth immediately after the holidays.

Therefore, the relevant question today is – when should the rapid recovery of the bullish trend of Bitcoin be expected?

BTC/USD graph

This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell Bitcoins.

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