Bitcoin Price Prediction for May 20, 2016
May 20, 2016 --- (ARCHIVED) Free Reports
Market Commentary (BTC): Yesterday was a fascinating, if not frustrating, day in terms of price action in both BTC and ETH as their negative correlation intensifies.
While Ether was spiking up above the 34 resistance area, BTC was busy dumping 20 $ as multiple trendline support levels were taken out.
Much like we saw earlier in the week, the failure to break back above 460 $ a few days ago led to even more SCMR dynamic resistance which was the catalyst the bears needed to get the margin call train rolling. Now that we have tested the mid-430's $ and bounced, we can insinuate that there are indeed still buyers emerging down at these slightly depressed levels.
Despite the fact that we are not currently in a ProTrade given the near term technical uncertainty, we are still watching lower levels for establishing a long position. To find out where we are buyers and what the longer term forecasts are, SUBSCRIBE today!