Bitcoin Price Prediction for May 9, 2016
May 9, 2016 --- (ARCHIVED) Free Reports
Market Commentary (BTC): Despite a slightly more bullish start to the weekend than originally expected, the market was indeed rather quiet through the majority of it as we remained firmly in the 430 - 470 $ trading range.
The spike up to a local high of 466 $ on Friday was short lived as bears moved in at the OTE short zone, although seeing how overbought the near term indicators are it is surprising that price has not retraced more than it has. This tells us that there remain buyers up above 450 $, and that they are the ones that continue to control the market.
This week we are expecting much less media coverage as the CW/SN drama winds down for the time being, hence we are also expecting a less volatile market over the short term. Keep in mind that the daily ascending triangle remains intact (not shown) and is now painting support and resistance between 433 $ and 468 $ respectively.
As this range tightens over the next week or two, we will be watching closely for early signs of a breakout. Subscribe today to stay in the loop!