Daily Bitcoin Price Analysis: Traders Cannot Choose Direction

Bitcoin price analysis by Albert Libenzon with comment from Tone Vays on CoinTelegraph. December 2, 2015.

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Daily Bitcoin Price Analysis: Traders Cannot Choose Direction

Yesterday's Bitcoin price forecast came true, and a pair BTC/USD was in trade in the range of $380- $350. Currently, Bitcoin price is at the level of $351. However, now Bitcoin is in the middle of a correctional wave, and the price has found support at this level. At the same time, the possibility of further correction today is still possible, as the market is in a state of uncertainty. However, on an international scale the potential of growth for Bitcoin price is no where near exhausted yet. Soon after the completion of the correction, we may see a new growth spurt.

On December 2, 2015, I think we can expect the completion of Bitcoin price correction to the levels of $340 and $320, then turn and rise of Bitcoin exchange rate to the target level of $380, $400 and $420.

Comment about the price trend for 36 hours from cryptocurrency expert Tone Vays, Head of Research at BraveNewCoin:

"There was a lot of hype surrounding Bitcoin Black Friday and prices most likely rose to 380 on anticipation that Bitcoin would be used to bargain hunt deals on the web. This did not look to be the case and we are already seeing prices fall back down. There may be a small bounce today back to $365-$370 but we are still in the middle of a correction from the $500 yearly high. Look for a continued fall in prices under $350 over the next 72 hours as the Black Friday hype cools off."

Bitcoin Price Chart

This analysis and forecast are those of the author and are not a recommendation to buy or sell Bitcoins.

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