Daily bitcoin price update, what to expect today? The bitcoin market has failed to move in the last 24 hours, mainly due to low trading volume. The price is still trending sideways and seems to be in a congestion pattern. Interestingly, the price movement is above the daily moving average, indicating a near-term bullish sentiment. The upcoming Silk Road Auction seems to be one of the major reasons affecting the bitcoin price movement (or lack thereof), with the bitcoin market remaining fairly cautious. 50,000 worth of bitcoins are scheduled to be sold this Thursday meaning the bigger buyers may be able to single-handedly move the market in any direction should they choose. Should a purchaser openly sell a large parcel of bitcoins (think back to early October and the Bear-Whale), the bitcoin price will decrease due to an increase in short-term supply. Should the purchaser(s) hold on to their newly acquired bitcoins, we could see an increase in the bitcoin price as investors waiting on the sidelines step back into the market. December 2nd Bitcoin Trading Session BTC/USD opened at 380 on Bitfinex while trending sideways in a congested pattern. As you can see the buying and selling volume over the last couple of days (the red and green bars), seem identical. Meanwhile, the price is trading above every simple moving average and the RSI is also holding above 55. This indicates a near-term bullish sentiment in the market. What to Expect Today? If the bitcoin price continues to hold above the daily moving average, the bullish bias will continue. A rally above 390, complimented with the failure of a pullback, will indeed bring the price to a stronger bullish zone. In this case, the next upside resistance will be towards last month’s peak of 450. If the price dips below the daily moving average and fails to bounce back, the next support level in sight will be around the 350 mark. Any attempt to break below this wall will open up a strong bearish zone, where the downside risk will be towards last month’s low of 320. In the meantime, watch out for December 4th – The Silk Road Bitcoin Auction.
Posted on: Wed, 03 Dec 2014 05:03:45 +0000
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