Daily Bitcoin Price Analysis: Price Correction Before Rising
The price of Bitcoin follows the path of least resistance – sellers will try to bring the situation under control and to lower the price to $420.
As we warned, Bitcoin’s price against the US Dollar fell, breaking both levels of support $440 and $430. A long-overdue correction and the hesitancy of buyers lowered Bitcoin. Moreover, yesterday the Dollar strengthened its positions against other major currencies. The dramatic collapse of the price to the levels of $445 and $427 occurred during the American session and the beginning of the Asian session.
The price of Bitcoin follows the path of least resistance – sellers will try to bring the situation under control and to lower the price to $420. If they succeed, the Bears will open the way to a level of $400. However, this reduction should be seen as a technical decline of Bitcoin. The potential for growth of the Bitcoin price in 2016 is significant, and the trend goes up.
Today, January 13 2016, the US will release data on crude oil stocks. The previous index was 5,085M and forecasts are 2,504M. The publication of positive data will provide additional support for the US Dollar. We expect that Bitcoin today will be traded in the corridor of $420 - $440. A correction to the level of $410 is also possible. Also, it may return to the level of $440 and $450. The level of support for today is $400. The resistance level is $460.
Today’s question – how long will the correction proceed? To what level should we expect the Bitcoin price to decrease?
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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