As we expected yesterday, BTC:USD prices advanced slowly to the price of $450 during the Asian market session.
Today, players are expected to take ‘hold’ positions as later this afternoon, The US will publish the Consumer Price Index (CPI). This index illustrates the average change in prices for basic goods and services. The publication of this index is very important for the currency market, as it indicates inflation in the United States. As such it is the main instrument for the determination of the cost of living. Moreover, this index is taken into account to determine the gross domestic product and the level of social benefits.
Reduction of unemployment and growth of average wages as expected will have a good impact on the CPI data for November so today’s publication may have higher indicators than previous disclosures.
The expectation of rising inflation, in consideration with the coming announcement of the results of the Fed meeting on monetary policy can be a positive factor for the Dollar. It is expected that the Dollar will be see continued support, which will necessarily affect the value of cryptocurrency, including Bitcoin.
Until then Bitcoin should be in sideways trend in the range of $430 - $470.
The release of the CPI will cause high volatility and perhaps short-term pullback of Bitcoin price to the $410 - $425 range.
Today, December 15, the resistance level is $470. The support levels are at $410 and $425.
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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