Welcome to the WILD WEST of internet money! Current Market Cap: $733.1B (+$69.8B in 24 hours) Bitcoin Dominance 34.7% (-2.7%)
Yet another wild, wonderful day in the cryptosphere as we have reached all-time market cap highs. Bitcoin has truly been struggling to hold onto its lead here as we sink to a measly 34.7% dominance. This is actually the lowest it has EVER been- the last time it was even close to this level was directly before the BCH fork where Bitcoin congestion had caused a similar situation of high fees and long transaction times.
We could be seeing that 1 TRILLION dollar market cap sooner than we thought!
Today I have decided to use three indicators and trading tools: Bollinger Bands, Stochastics and MACD.
The Bollinger Bands are showing we are right at that moving average of around $15,000 right now and the high and low ranges are tightening due to low volatility.
The Stochastics indicate normal ranges, neither oversold NOR overbought, and moving toward the upper ranges.
The MACD is showing a slightly bullish signal with the Fast EMA about to cross over the Slow EMA while still remaining above the Zero Line.
Likely Scenarios:
- There is an attempted shake-out pushing prices back below $14K, slowing around the $13-13.5K support level.
- BTC holds steady for a while longer in the $15,000 support zone until volumes pick back up and push prices towards $16K.
- BTC breaks out of the wedge and pops above the resistance at $16K establishing new support levels.
TLDR Version:
Bitcoin is quickly losing ground to the alt-coins and prices have begun to stagnate due to the high congestion on the network. Cheaper, faster alternatives are slowly eating away at Bitcoin's utility as a peer-to-peer currency, relinquishing its power and becoming just a STORE OF VALUE. Prices will remain stable between $14.5K-15.5K until we see that jump in volumes which will send us towards $16,000.
Alt-Coins To Watch (Waiting To JUMP!):
- BCH
- LTC
- DASH
- LSK
- XVG
- FUN
- NXT
*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.)
I'm in agreement with respect to btc, and the 1 trillion cap coming sooner than later.
I bet BTC makes a major move and we see a reset of some of the alt coin gains. Xrp or ada or xlm could all afford a decent price correction, which would pump into btc.
We are expected to be around $5T by 2020-2022 but that number may be just a low estimate considering how fast the technology is moving. There are a couple hundred TRILLION dollars worth of money and investments out there in the world just waiting to flood into crypto :-D
Precisely.
And if we see, as expected, that bitcoin can remain a trusted store of value, reliable and secure, and perhaps also become meaningfully transactional, wow! Look out! We could really see a 500,000 bitcoin or higher.
But as I see it we need to address scale and remain perfectly secure.
Nice post beautiful presented and explained. detail oriented with nice pics. thank you for sharing this with us, Upvoted
If you mind checking out my blog @kingjan for latest posts and updats, Thank you
I really do appreciate that- it takes a lot of time and effort to produce these. I sacrificed a lot along the way to get to this point too!
Respect++
Hard work and sincere effort must be appreciated.
Thank you
Once again @hotsauceislethal you break it down how it is in a very simple explanation. Im hoping bitcoin breaks that 16k mark. I just put down 20$ into BCH just to test the waters.
Ps. Nice boat!
Thanks I just got it!
Sincerely, i think the second likely scenario is what we should be expecting from bitcoin. It needs to pick up in its volume first, before jumping in price.
Your analysis is very insightful (my first time though). I will be keen to your analysis from now. Please keep it up. Thanks
Thank you sir. The crypto boom is just beginning! If you think the past year was crazy just wait.
I think this Bitcoin stagnation will continue for just a little while longer allowimg a few other coins to gain ground. But once the volume picks up again, and it definitely will, BTC will rise steady but continuous.
I am also expecting an increase in BTC value around October to November this year, similar to what we experience in 2017.
All these said, STEEM and SBD are the cryptos I expect to grow massively in 2018
Very nice input. STEEM has tremendous amount of room for growth. Just wait until we hit 1 million users!
Check out my last Bitcoin post:
https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-price-forecast-1-2-2018
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
https://steemit.com/eos/@hotsauceislethal/eos-price-analysis-9-17-2017
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
Pay No Transaction Fee From Coinbase!!!
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Need A Good Laugh?
https://steemit.com/bitcoin/@hotsauceislethal/what-kind-of-crypto-trader-are-you
Bitcoin Too Slow?
https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-transaction-stuck-no-problem
Great post! Come check out my intro :-)
Good post your