Daily Bitcoin Price Analysis: Sideways Trend Goes In The Upward Direction
Bitcoin price analysis by Albert Libenzon: investors are cautious and waiting for better conditions to make deals.
Yesterday, December 29, the price of Bitcoin moved to $430. Against the low liquidity on the market, investors are cautious and waiting for better conditions to make deals. Obviously, investors agreed that the parity price of Bitcoin will remain at $440 until the end of the week and the year. Vishal Gupta, the Founder of Bitcoin Alliance India, CEO at SearchTrade, and Director at Moving Trumpet, agrees with this statement. Speaking about the Bitcoin price he said that the price will hover between $410 and $440 till the end of the weekend.
Today, December 30, we expect low volatility and a continued sideways trend in the corridor of $420 - $440. The level of support is $420. The resistance level is $450.
In our articles, we constantly focus our readers' attention on the factors that affect the price of Bitcoin. As Bitcoin is a complete tool for the investment portfolio, its price may be influenced by the same factors that affect other investment assets. For example, the oil that is in demand among investors affects the national currency of the oil producing countries. Saudi Arabia has recently reported a budget deficit of 15% in 2015. In 2016, it is likely that the country's budget deficit will increase to 16%. Thus, the decline in world oil prices adversely affects the economies of the countries where oil is produced. This implies that investors will try to sell the currency of these countries and to move to more secure financial instruments, such as the Euro. Given this, is it possible in this case to consider Bitcoin as an investment sanctuary?
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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