Bitcoin price is having trouble picking a direction, as risk sentiment has been shifting quickly recently. Higher-yielding assets lost ground earlier on after the Chinese trade balance reflected weaker domestic demand but risk-taking took place when crude oil rallied yesterday.
The US oil inventories report showed a reduction of 3.4 million barrels in stockpiles, easing fears of an oversupply somewhat. The decline came mostly from Venezuela and traders are anticipating further reductions due to the recent forest fires in Alberta, Canada.
The US retail sales and PPI figures due on Friday could provide more direction for the dollar and therefore bitcoin price, with strong readings likely to spur dollar demand a downside break. Weak results, on the other hand, could keep bitcoin price supported.
http://www.newsbtc.com/2016/05/12/bitcoin-price-technical-analysis-05122016-bearish-flag-pattern/
