What is going on with Bitcoin right meow!? Current Market Cap: $704.76B (-$4.06B in two days) Bitcoin Dominance: 32.7%(-0.7%)
As we approach some very pivotal dates in the alt-markets (rebrands, upgrades, new ICOs) this month Bitcoin's price has continued to stagnate, perhaps not surprisingly. It hasn't been quite able to maintain the momentum that it needed to break past the $15K mark over the past few days. Partly due to continued network congestion which has led to higher fees and longer transaction times, as many of us know, and also due to a decline in interest in BTC and an increased focus on alt-markets. Many new investors are just discovering the multitude of other coins, assets and tokens out there.
I truly think this could be just the beginning of something much bigger.
Today I'm using three different trading tools and indicators: Bollinger Bands, Stochastics and MACD
Bollinger Bands show we are below the moving average which is around $14,000
Stochastics indicate that we are oversold
MACD is showing a bearish trend. Watch for a crossover at the zero line to indicate a reversal in price action
Likely Scenarios:
- BTC falls to the $12.5-13K zone before serious support steps in to prop up the price
- BTC continues to bounce between $13K and $14K for most of the day
- A wave of buy orders sends us past the $14.8K mark before retracing down
TLDR Version:
Bitcoin is still in rough shape as it weathers the alt-coin storm and continues to lose market share. Expect prices to be sluggish today in the low $13K zone possibly dipping below into the $12K range.
Price Target:
$14,750
Alt-Coins To Watch:
- XRP
- TRX
- ICX
- XVG
- SC
- BTS
- LINK
*Never invest more than you are willing to lose and always do your own research before making any investment decisions.
(All pictures are free domain images from snappygoat.com or created by myself.)
Check Out My Last Bitcoin Post:
https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-price-forecast-1-12-2018
Feeling Salty About Missing The Crypto Boat?
https://steemit.com/bitcoin/@hotsauceislethal/how-to-conquer-fomo-fear-of-missing-out
Don't Worry:
https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-s-hype-cycle-is-finally-here
Fantastic Documentary About Relevant STUFF! (MUST WATCH!!!)
https://steemit.com/cryptocurrency/@avii/mind-over-money-documentary
Like Bitcoin But Want To Avoid The Fees?
https://steemit.com/bitcoin/@hotsauceislethal/save-money-when-sending-crypto
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https://steemit.com/bitcoin/@hotsauceislethal/no-transaction-fee-bitcoin-trick-using-coinbase
Need A Good Laugh?
https://steemit.com/bitcoin/@hotsauceislethal/what-kind-of-crypto-trader-are-you
There are fundamental reasons for Bitcoin loosing dominance. These are definitely slow transactions and high fees. 👍
Did you mention the fees :P
Interesting analysis and love the way you present the information. Also, first time I came across at one of your blog posts.
Awesome I really appreciate that :-D I really enjoy being part of the Steemit community, I think it will be life-changing for many of us active members.
Bitcoin will retest 20 k before 30 March 2018
thank you for your analysis. so what will be target after $14,750 and what if btc dips to 12k then is there any chance that bears move it to 8k level is i have read from many that if it goes below 12 k then next level will e 8k
The price target is dynamic depending on resistance/support and retracements. I highly doubt BTC will ever sink below $10,000 each again, there are too many players in this game now.
yup i also thinks so but these 8k bears are screaming that this is going to happen. in addition bch guys creating fear and uncertainty in the market. furthermore btg and btcd are also rising. the fall of btc dominance is also concerning.
Other than being used to buy other crypto BTC is pretty useless. High fees, long transaction times. There are coins out there a lot cheaper and 1000 times better. It's a dinosaur now.
Even if governments sit back and allow crypto to go unchecked, the one thing they can't ignore is the crazy amount of electricity Bitcoin eats up.
Don't forget that the Lightning network is going to be rolled out this year :-D That means transactions as cheap as 1 satoshi each that will confirm almost instantly.
Eventually Bitcoin will have to move to some sort of POW/POS hybrid in order to be profitable in the future IMO. We could also see a dramatic shift in users over to another blockchain such as ETH or LTC. Bitcoin is the king for now- but for how long?
There are already alternatives that exist as we speak that are faster and cheaper than Bitcoin even with the lightning network
Steem being one.
Bitcoin was the true innovator, but like with MySpace it will be overtaken with new and better technology.
Im holding some TRX, waiting for some progress on their end. Bought at it at 6 cents :-)