Bitcoin Price Report for May 6, 2016

May 6, 2016 --- (ARCHIVED) Free Reports

Market Commentary (BTC):  

Finally we are getting a respite from the media onslaught created by CSW, and price is reflecting this reality.  

Yesterday we saw almost a complete flatline just below the 450 $ level on low volume and rising oscillators, which is not a great sign technically.

Currently, the shorter term charts do not look all that great, however the medium term charts (12-hour and Daily) are starting to look very good.  We still think that ultimately the 470 $ level will be broken higher as an upside resolution remains our preferred scenario, although we also think that we are not done with the consolidation quite yet.

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