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Daily Bitcoin Price Analysis, December 23, 2015.
Throughout yesterday Bitcoin’s price was shivering between $430 and $440. Strengthening of the Dollar continues to pressure Bitcoin. Furthermore, after two weeks of Bitcoin growth from $380 to $458, we should now expect a price correction.
US GDP data released yesterday turned out to be higher than predicted, but still were lower than in the previous period (actual 2.0%, forecasted 1.9%, but previous 2.1%).
Today an important block of Statistics that should highlight the main index for personal consumption expenditures in November (forecasts 0.1% against previous 0.0%) will be published in the United States at 1:30 p.m. London time (GMT). Data on changes in the volume of orders for durable goods in November (forecast -0.6%, previous 0.3%) should also be published today. Also at 3:00 p.m. we expect the release of data on real estate sales in November (forecast 505,000, previous 495,000), and at 3:30 p.m. new data on crude oil stocks (forecast 1,433M. 4,801M the previous value). Each of these releases may have a specific effect on the Bitcoin price at the time of publication.
Today December 23, we expect a continued sideways trend in the corridor of $430 - $450. The resistance level is $450. Support levels are $425 and $420.
In the currency market, investors expect sustainable long-term parity in the currency pair EUR:USD, and it seems to be at $1.10. Probably, such a price will be the same until the end of the year. If we take into account the ratio of cryptocurrency to fiat money, there is a basic pair BTC:USD. So, is the price of BTC:USD $450 a parity before the end of the year? How long can it hold such a parity price for in 2016?
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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