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Bitcoin is now in a stable upward trend and has no reasons for a substantial price reduction.
Yesterday, Bitcoin’s price was around $442 and $447 and could not overcome the level of $450. On Monday, January 11, 2016 the crisis in the global stock markets continued, and trading ended with a negative value. The main reason for the crisis is still China, whose stock market fell by 4%.
Considering this, Bitcoin has every reason to rise to $465. However, buyers and sellers have been slow and cautious. The movement of prices below $440 could cause a turn and descent of Bitcoin’s price to the nearest psychological level of $430. In turn, this reduction could lead Bitcoin to test the levels of $420 and $410.
However, if the reduction occurs and that will be more like a technical correction and nothing more. Bitcoin is now in a stable upward trend and at the moment I see no reason for a substantial price reduction. Moreover, we expect the resumption of the upward movement to the level of $460 and $470. The reason for such an optimistic move is the crisis on the world's stock exchanges as for now Bitcoin price fluctuations felt no influence of the stock market like other financial instruments.
Today, January 12, 2016 we can expect that Bitcoin will continue to try to rise to $450, and $460. The level of support is $440. The resistance level is $460.
As we mentioned, Bitcoin is hardly subject to fluctuations because of the crises or economic crises. Since Bitcoin is not an insured good or other economic resource and its nature is slightly different to other investment tools. What do you think?
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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