Written by Albert LibenzoncontributorReviewed by Cyril Gilsonformer editorDaily Bitcoin Price Analysis: The Bullish Trend Continues
MagazinePublishedDec 14, 2015
December 14, Dollar under pressure. Bitcoin price grows and may reach $450.
On Friday, BTC/USD pair exchange rates soared to $450 but then dropped rapidly to $420. Currently, Bitcoin price is at the level of $ 434 and the bullish trend continues.
Todays situation with Dollar rates is not that clear. Although the statistics on retail sales was positive, these data haven’t inspired confidence in investors that the inflation rate will stablize. Although total retail sales increased by 0.2% in November, retail sales for the year decreased from 2.2% to 1.7%.
The Eurozone now seems to have much more convincing indicators. In Italy industrial production grew by 0.5% against the expected 0.3%. Moreover, the Eurozone will publish data on industrial production today (until now it forecasted the growth for 0.3%). Also, in UK, real estate prices fell for 1.1% in December.
Such a difference in major economic indicators in the US and Europe give no favour to the US Dollar.
Today the Dollar will be under pressure, which should help the price of Bitcoin to continue to approach a price-point of $450.
Today, December 14, the resistance level is $450, and the support level is $410.
The analysis and prognosis are the personal views of the author and are not a recommendation to buy or sell Bitcoins.
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