Bitcoin Price Technical Analysis for 05/19/2016 – Bears Trying Harder

Bitcoin price might be able to break below the channel support if dollar demand picks up in the latter sessions.
Bitcoin Price Key Highlights
Bitcoin price is still stuck inside the ascending channel pattern on the 4-hour time frame and still hovering around support. Price has been consolidating above the $450 level for quite some time, as bears are trying to find more energy for a downside break. The FOMC minutes failed to spur dollar demand strong enough for a downside break, leaving bitcoin traders waiting for the next big catalyst. Bitcoin price might be able to break below the channel support if dollar demand picks up in the latter sessions.

This post was published at NewsBTC on 4:25 am May 19, 201.