Daily Bitcoin Price Analysis: Lull and Correction before Raise
Daily Bitcoin Price Analysis from Albert Libenzon on Cointelegraph. December 1, 2015.
As expected, the pair BTC/USD has spent the last day of autumn without any rush. The Bitcoin price remained in the range of $350 – $380. Yesterdays’ sideways trend could be attributed to the expectation of correction before another rise. Considering weak statistics from the US Dollar there is no reason for its growth today.
Today it is obvious that the sideways trend will continue on the level of $350 – $400. However, after reaching $340 the Bitcoin price may drop back to $320 and $310. Given that there should be releases of key macroeconomic data in the US today we expect the Dollar impact to be limited. In the meantime, Bitcoin has shown growth potential and by the end of this year we can expect the price increase to $500.
On December 1st, 2015, support level is still $340 – $320. The resistance level: $400 – $420