Daily Bitcoin Price Analysis: Sideways Trend is Relevant
December 4, Bitcoin price analytics: today we expect a continuation of the sideways trend.
Yesterday's speech by ECB President Mario Draghi had no influence on the Bitcoin price. However, cryptocurrency traders still haven’t decided on an exchange trend direction, so the pair BTC/USD continues its sideways trend between the levels of $350 and $360. Shortly before the speech by ECB President, the US Dollar index (USDX) rose to the level of 100.58, which led the dollar on profit-taking and caused a rise on the Euro. Yesterday, Mario Draghi said that this period of abundance with regards to liquidity will be long. In addition, inflation forecasts for 2016 were revised to the negative direction. This news deprives support from Euro but the Dollar on the contrary becomes preferable. Also today, the latest macroeconomic indicators publication in US is expected, such as:
- The unemployment rate in November,
- Change in the number of people employed in non-farm payrolls in November,
- Trade balance for October,
- Change in the average hourly wage in November.
Publication of these indicators may cause market volatility on the dollar, which will have an impact on Bitcoin and its volatility as well.
Today we expect a continuation of the sideways trend. The level of support at $340 and $320. Resistance level are $380 and $400.
The analysis and prognosis are the personal views of the author and are not a recommendation to buy or sell Bitcoins.