Bitcoin Price Prediction for May 16, 2016

May 16, 2016 --- (ARCHIVED) Free Reports

Market Commentary (BTC):  

Well that was boring.  Despite what we thought might be an exciting weekend, the market had other ideas for both bulls and bears.  

Almost a complete flatline around 455 $ is what ended up materializing, although we did get a small push slightly above 460 $ late last night that was rather short-lived. Incredibly, price still remains within the contracting trading range which now sits between the daily ascending triangle uptrend line around 438 $ and the new short term bull pennant downtrend line around 460 $.  

While we continue to anticipate an upside resolution in the not too distant future, we also realize that there is a ton of historical resistance between 460 - 480 $ so it could continue to be a slow, tough slog through this area.  

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