As we expected yesterday the pair of BTC:USD was trading in a narrow corridor of $428 - $433. However, during today's Asian session Bitcoin has risen sharply to $447. At the end of year 2015 a lot of market players have chosen to take profits, which led a decrease in Bitcoin price to $425. Now by the beginning of the year the players are increasing their investment assets and Bitcoin is slowly returning to its previous position. This suggests, first, the confidence of investors in Bitcoin, and secondly, that investors consider Bitcoin to be a real and full financial instrument.
Today, January 7, we expect that Bitcoin will try to maintain a foothold on the reached level of $447, and maybe try to overcome the level of $450. Overcoming $450 will open the way to $460. However, Bears will try to resist and push Bitcoin back to a level of $440 and then to $430. The level of support today is $435. Resistance level is $460.
Today’s important question is: whether Bitcoin has finally resumed its long-term uptrend or is this a pulse growth with subsequent correction?
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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