Daily Bitcoin Price Update: The Groundhog Day plot continued in the bitcoin market overnight, with a stagnant price frustrating traders for yet another 24 hour period. The price is trending sideways between key support and resistance levels amid very low trading volume, a situation we expect to continue until we see either the bulls or the bears flex their collective muscle and break the directionless (and frankly tedious) market pattern. What to expect today? Traders should be wary at the 365-support level. If the price manages to break below this line there will be real pressure at the next support level of 350. If the bears break this, we see long-term bearish bias prevailing and downside risk towards the 320 mark. If the bullish scenario reappears the price will test 385-390 as the next resistance level with upside risk towards the 400-405 area. A pullback can be expected around the 450-455 mark. Tip: The Coinarch Maximiser is the perfect bitcoin trading product for a sideways market. It is available for investment terms of 14, 30 or 60 days and with strikes ranging from 85% to 98% of the bitcoin price at the time of investment. visit coinarch to subscribe to receive our Daily Bitcoin Price Update. Happy Trading from the Coinarch Team
Posted on: Tue, 09 Dec 2014 02:47:07 +0000
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