Daily bitcoin price - what will happen today?

I am putting a daily report together and would love to hear what you think will happen to the bitcoin price.

The bitcoin price continued its march to a range bound drum yesterday, sitting above the key support level of 370 and below the key resistance level of 385 for the entire day. The softly softly price pattern suggests a serious lack of interest from market traders at the moment, possibly due to the recent broad sell off in commodities markets and the impending auction of 50,000 Silk Road bitcoins by US authorities (a North American Thanksgiving hangover cannot be ruled out either).Whatever the cause, the only real winners of the last few days are our Maximiser traders for whom a lack of volatility is the dream outcome.

Speaking of commodity markets, bitcoin appears to have weathered the recent commodity storm much better than its more established peers. Gold, silver, oil and copper have all recently fallen below their prevailing support levels, while iron ore has been belted by concerns about the Chinese dragon losing its mojo. Bitcoin, on the other hand, sits relatively unchanged from its recent peaks, perhaps indicating its role as a store of value is becoming more and more entrenched.

December 1st Bitcoin Trading Session

The bitcoin price opened at 378 on the 4H Bitfinex charts and continued its sideways advance. The absence of any serious trading volume kept bitcoin within the 376-384 range and above the daily moving average – all day, although we are seeing some attempts from the bears to push the price below various SMAs as day end approaches. The bulls have so far been ready to thwart these attempts at every step and have turned out in force in the 370-375 area, a price range which appears to be acting as a strong psychological support level.

The bitcoin price currently sits above the 200-, 100- and 50-hourSMAs, with the RSI sitting around 53. All of this points to neutral to bullish sentiment in the market.

What to Expect Today?
Bitcoin history tells us that prolonged sideways movements typically transform into downtrends. We expect this pattern to continue if the price falls below a majority of SMAs (current SMAs are: 200SMA=364; 100SMA=379; 50SMA=371; and 20SMA=374). If we do break through a majority of these levels, the price will enter into bearish territory and potentially quickly push down to the 350-360 support area. Any break below 350 will open up a long-term bearish channel, where the next stop could be 320.

If the market can keep itself above the aforementioned SMAs, then we could see bullish bias prevail and could test 400 if the price breaks through the 388 resistance level.

Conclusion
Current Mood: Neutral-Bullish (on Daily Charts)
Moving Averages: Buy (8 Buy 4 Sell)
Technical Indicators: Neutral (4 Buy 4 Sell 2 Neutral)

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