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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:
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.
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