Daily Bitcoin Price Analysis: Four Days Of Sideways Trend
Now, four days after a significant decline, Bitcoin trading remains in a sideways trend. We decided to question the experts if we should expect a further decline?
Yesterday Bitcoin price remained within the range of $377 - $387. The negative macroeconomic statistics from China had no affect on Bitcoin.
Now, four days after a significant decline, Bitcoin trading remains in a sideways trend. We decided to question the experts: do you think that the panic after the speech of Mike Hearn is over now and Bitcoin price growth resumes? Or should we expect a further decline? Here are some answers we received:
Vishal Gupta is the Founder of Bitcoin Alliance India, CEO of SearchTrade, and Director at Moving Trumpet. He said:
“Trading session this weekend will decide if BTC crosses $400 again or stay within $370 - $390 range. If it does cross $400 I see it going to $450 again. Lots of BTC has been sold at $360 - $370 and plenty of punters have taken position at $370 - $380 range will be interesting see how it pans out from here.”
Patrick Dugan, CFO at Omni Foundation, commented:
“Yes. Charles Hoskinson addressed Hearn's points, acknowledged what has merit in them and gave a good survey of the solutions, the price summarily rallied.”
Today, important data on consumer prices for December in the US in expected to be released. The forecast for the index (CPI) is 0.8%, while the previous was 0.5%. Also, there are data on issued construction permits – the forecasts are 1,200M, the previous number was 1,282M.
The strengthening of the US dollar today could put pressure on Bitcoin. January 20 2016, Bitcoin price is expected to continue movement in a sideways trend in the corridor of $370 - $390. The level of support is $370. The resistance level is $390.
This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell Bitcoins.