--- title: "Bitcoin Price Outlook: Week of May 23, 2016" description: Every Monday, itBit's Bitcoin Price Outlook offers a brief 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-05232016.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 23, 2016 May 23, 2016 at 11:00 AM | [Elizabeth Hamilton, itBit Director of Trading](https://insights.paxos.com/blog/author/elizabeth-hamilton-itbit-director-of-trading) ![Bitcoin-Price-Outlook-Week-of-May-23-2016](https://insights.paxos.com/hs-fs/hubfs/_Bitcoin_Price_Outlook/Bitcoin-Price-Outlook-05232016.png?width=1000&name=Bitcoin-Price-Outlook-05232016.png "Bitcoin-Price-Outlook-Week-of-May-23-2016") The bitcoin price failed to rally last week despite key indicators being bullish. When price does not follow indicators, a breakdown is likely and that’s exactly what happened. Bitcoin price dropped below $440, ultimately settling in the low-$440s.   ![Weekly Bitcoin Price Chart 5-23-2016](https://insights.paxos.com/hs-fs/hubfs/_Bitcoin_Price_Outlook/Tradeblock-5.23.2016.png?width=600&name=Tradeblock-5.23.2016.png "Weekly Bitcoin Price Chart 5-23-2016") ##### ***[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-23-2016#subscribe)** **Bitcoin Price Outlook for the Week Ahead** The two key short term support areas mentioned in our [last price outlook](https://www.itbit.com/blog/bitcoin-price-outlook-week-of-may-16-2016) - $447 and $440 - were broken over the past week and traders should expect more volatility in the near-term. The price is now fighting to find support in the $440 area, but this will be challenging.   There has been a negative crossover of the moving averages and they are pointing towards lower prices. Another bearish sign: the bitcoin price fell below the 50-day EMA last week for the first time since mid-March. The indicators looked to have put in a short-term bottom last week. However, what was once a key support level at $447 now becomes short-term resistance. $443 is an important price level on long-term charts as this was the 50-day EMA that was taken out last week. $435 is now the most immediate support level with stronger support at $430. If these levels don’t hold, we could see a fast decline into major support between $415 - $420. In short, there is currently a lot of overhead resistance. Without big buy-side volume coming into play, it will be a challenge to climb higher. ![Bitcoin Price Outlook Technical Chart 5-23-16](https://insights.paxos.com/hs-fs/hubfs/_Bitcoin_Price_Outlook/technical-052316.png?width=768&name=technical-052316.png "Bitcoin Price Outlook Technical Chart 5-23-16") ***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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