--- title: "Bitcoin Price Outlook: Week of May 16, 2016" description: Every Monday, itBit's Bitcoin Price Outlook offers a trading recap and an in-depth technical price analysis to prepare bitcoin traders for the week ahead. image: https://insights.paxos.com/hubfs/_Bitcoin_Price_Outlook/Bitcoin-Price-Outlook-05162016.png --- [![itBit](https://insights.paxos.com/hubfs/itBit-Careers-Square.svg)](https://www.itbit.com/) [![itBit](https://insights.paxos.com/hubfs/itBit-Careers-Long.svg)](https://www.itbit.com/) [OPEN TRADING ACCOUNT](https://exchange.itbit.com/signup) [SUPPORT](https://www.itbit.com/contactus) [LOGIN](https://exchange.itbit.com/login) - [Exchange](https://www.itbit.com/exchange) - [OTC Trading](https://www.itbit.com/otc) - [Market Data](https://exchange.itbit.com/markets) - [Blog](https://www.itbit.com/blog) - [Exchange](https://www.itbit.com/exchange) - [OTC Trading](https://www.itbit.com/otc) - [Market Data](https://exchange.itbit.com/markets) - [Blog](https://www.itbit.com/blog) # [ITBIT TRADING BLOG](https://www.itbit.com/blog) ## Bitcoin Price Outlook: Week of May 16, 2016 May 16, 2016 at 5:00 PM | [Elizabeth Hamilton, itBit Director of Trading](https://insights.paxos.com/blog/author/elizabeth-hamilton-itbit-director-of-trading) ![Bitcoin Price Outlook May 16 2016](https://insights.paxos.com/hs-fs/hubfs/_Bitcoin_Price_Outlook/Bitcoin-Price-Outlook-05162016.png?width=1000&name=Bitcoin-Price-Outlook-05162016.png "Bitcoin Price Outlook May 16 2016") The price of bitcoin was fairly flat last week, down less than a percent from the May 9th close.  Bitcoin price dropped 3% on May 10th, from over $460 to $447, before rebounding and consolidating in a tight range the rest of the week. There continues to be major resistance overhead and this was enforced by the strong rejection the price suffered after clearing $460 again early last week.   ![Weekly Bitcoin Price Chart](https://insights.paxos.com/hs-fs/hubfs/_Bitcoin_Price_Outlook/Tradeblock-5.16.2016-2.png?width=600&name=Tradeblock-5.16.2016-2.png "Weekly Bitcoin Price Chart") ##### ***[Source: tradeblock.com](https://www.tradeblock.com)*** ### **[**OUR LATEST BITCOIN RESEARCH DELIVERED TO YOUR INBOX. SUBSCRIBE NOW!**](https://insights.paxos.com/blog/bitcoin-price-outlook-week-of-may-16-2016#subscribe)** **Bitcoin Price Outlook for the Week Ahead** The bitcoin price is currently testing support at $453. The RSI has gone bearish and the MACD has had a bearish crossover. If the price goes below this support level this week, expect a test at $447 and then potentially $440.  For a short-term breakout to occur, the price would need to rebound and first break through resistance at $463 and $467. This would put the price in an area to begin challenging that big resistance area. Volume will need ramp up and follow the price up for it to have the best chance to legitimately test the upside. ***Elizabeth Hamilton **is the Director of Trading at itBit. She manages [itBit's OTC agency trading desk](https://www.itbit.com/otc), working closely with OTC traders through settlement. Elizabeth has been trading and performing market analysis in the bitcoin space since 2013. Prior to joining itBit, she worked at Noble Markets helping to design and build the firm's proprietary crypto-asset marketplace. She also performed primary research on bitcoin and emerging digital currency markets while at ARK Investment Management. Elizabeth holds a bachelor's degree in Physics from Swarthmore College.*   ## Trade Bitcoin on itBit’s OTC Trading Desk **Personal Trading Support | Deep Orderbook | Fast Settlement** #### [![LEARN MORE](https://no-cache.hubspot.com/cta/default/424565/f966d116-49ad-4807-a82a-a7ba4bcbe627.png)](https://cta-redirect.hubspot.com/cta/redirect/424565/f966d116-49ad-4807-a82a-a7ba4bcbe627)     *\*All data and references are current as of 4:00PM EST on 5/16/2016.* *[Bitcoin Price Outlook Legal Disclaimer](https://www.itbit.com/legal/bitcoin-price-outlook)* ### Bitcoin Trading Research Delivered to your Inbox ### Categories ### Subscribe to itBit Blog **Products** [itBit Exchange](https://www.itbit.com/exchange) [OTC Trading](https://www.itbit.com/otc) [Custody Services](https://www.itbit.com/custody) [Escrow Services](https://www.itbit.com/escrow) **Resources** [Market Data](https://exchange.itbit.com/markets) [Support Center](https://help.paxos.com) [API](https://www.itbit.com/api) [itBit Blog](https://www.itbit.com/blog) [Fees](https://www.itbit.com/fees) **Company** [About itBit](https://www.itbit.com/about-itbit) [Press](https://www.itbit.com/h/press) [Careers](https://www.itbit.com/h/careers) [Customer Support](https://www.itbit.com/contactus) [Legal](https://www.itbit.com/legal) **Crypto Assets** [Bitcoin](https://www.itbit.com/bitcoin) [Ethereum](https://www.itbit.com/ethereum) [Bitcoin Cash](https://www.itbit.com/bitcoincash) [Litecoin](https://www.itbit.com/litecoin) [Stellar Lumens](https://www.itbit.com/stellar-lumens) - [![](https://insights.paxos.com/hs-fs/hubfs/_00_PAXOS/Medium%20Updated.png?width=28&height=28&name=Medium%20Updated.png)](https://medium.com/paxos/itbit/home) - [![](https://insights.paxos.com/hs-fs/file-2672941852-svg/_itBit_Social_Icons/twitter-02.svg)](https://twitter.com/itBit) - [![](https://insights.paxos.com/hs-fs/file-2654911471-svg/_itBit_Social_Icons/linkedin-04.svg)](https://www.linkedin.com/company/itbit-pte-ltd) Copyright © 2020 Paxos Trust Company, LLC. 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