Bitcoin Price Prediction for May 2, 2016

May 2, 2016 --- (ARCHIVED) Free Reports

Market Commentary (BTC):  

Well, the stability was nice while it lasted.

As expected, the cryptocurrency markets were rather stable on a weekend for the first time in what seems like months.  The bulls had successfully defended the channel and confluence support area around 435 $, which led to a near term rally back up into the 455 - 460 $ area late last week.  That failed right at the 61.8% Fibonacci retracement level, which is also the bottom of the OTE short zone, which led to flatlined price action over the bulk of the weekend.  

That is, until The Economist published a very timely story about Craig Wright being Satoshi Nakamoto early this morning, with alleged proof, and sent prices plummeting back down to sub-440 $.  While there is already evidence piling up that this is indeed yet another hoax, market participants have let fear trump reason (as usual) which why we still generally view these swings lower as buying opportunities. 

Surprisingly, this supposedly massive news story was only able to take the bitcoin price down about 15 $ (~4.3%), and it is still well within our near term trading range between 430 - 470 $.  

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