Bitcoin Price Technical Analysis for 5/6/2015 - Another Collapse in the Offing!
Bitcoin has dropped from the strong resistance level of $227 following the announcement of the BitLicense regulations. After erasing the gains, Bitcoin was trading at $225.20 previously while today it is trading down 0.86% at $223.27. The question to be asked now is: Is there more downside left given that the biggest trigger has been digested by the market? I believe the answer is a Yes! Technical analysis of the 240-minute BTC-USD price chart confirms my bearish stance on Bitcoin. Bitcoin Chart Structure - Bulls' first attempt at keeping up the price has been easily thwarted by the bears....
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