Daily Bitcoin Price Analysis: Bulls vs Bears to Test Their Skills
December 11th, by reaching $420 Bitcoin will inspire confidence in customers who will rush to join the game.
Yesterday the exchange rate of the BTC/USD pair went into a sideways trend at the level $410. During the Asian session the demand for Bicoin increased and the price rose to $420. Despite the bullish trend today, Bitcoin could come under pressure. Moreover, the United States will publish following national data:
- Data on retail sales in November;
- Consumer confidence index for December;
- The producer price in November.
We expect these data sets to be positive and that will provide substantial support to the Dollar. However, Bitcoin has enough strength to grow. Overcoming the level of $420 will inspire confidence to the rest a number of customers and they will rush to join the game. As the result, Bitcoin will be quite capable to reach the level of $450-460 soon after. Thus, in the afternoon high volatility of the BTC/USD pair is possible.
Today, December 11th, 2015, the resistance levels are $425 and $430. The support levels - $400 and $ 390.
The analysis and prognosis are the personal views of the author and are not a recommendation to buy or sell Bitcoins.