Bitcoin Trend 16-05-2017

Bitcoin price confirmed breaking the support of the bullish channel that appears in the image after closing the daily candlestick below it, which puts the price under the bearish correctional bias on the short term basis, where the first target located at 1655.48, and extend to reach to 1509.74 after breaking the previous level.

On other hand, breaking 1600.00 level will complete forming double top pattern that has the ability to push the price to extend its bearish correction and reaches to 1391.67, therefore. We expect witnessing negative trading in the upcoming sessions, unless managing to rally to breach 1750.00 then 1785.00 levels and holding above it.

Expected trading range for today is between 1600.00 support and 1785.00 resistance

Expected trend for today: Bearish

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 M Samer Al Reifae
Official W3Coins Representative in East Europe & Middle East
samer@w3coins.com
+40 734 277 757

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YOU SHOULD NOT TAKE ANY MATERIAL posted on this BLOG AS RECOMMENDATIONS 
TO BUY OR SELL BITCOIN, GOLD OR ANY OTHER INVESTMENT VEHICLE LISTED. 

 Do your own due diligence. 

No one knows tomorrow's price or circumstance. 

 I intend to portray my thoughts and ideas on the subject which may s be used as a tool for the reader. 

I do not accept responsibility for being incorrect in my speculations on market trend