Bitcoin Price Forecast 1/9/2018

in #bitcoin • 7 years ago

Better watch out! Bitcoin's got that OLD MAN STRENGTH! Current Market Cap: $746.18B (-$69.79B in 2 1/2 days) Bitcoin Dominance: 33.8%(-1.1%)

BTCforecast01092018Front.jpg

The entire market got shaken up today as the combined market valuation took a sudden dip after Coinmarketcap.com decided to stop factoring in several Korean exchanges' prices into their averages. This resulted in a quick drop in market capitalization, which had already been artificially inflated by these outlier numbers. In turn many uninformed investors may have believed that the market was about to experience a sell off and panic sold their coins.

The rest of us just did what we always do - HODL!

BTCforecast01092018.jpg

Today I used three trading tools and indicators: Bollinger Bands, Stochastics and MACD.

Bollinger Bands indicated we are below the moving average which is around $15,000

Stochastics show that we are slightly oversold and falling further into oversold territory.

The MACD is signaling a bearish crossover while still stagnating under the zero line.

ALL VERY BEARISH INDICATORS SHORT TERM!

Likely Scenarios:

  • BTC continues to fall testing that $13-13.5K support level again.
  • BTC finds some support in the low $14-14.5K zone until it can regain strength and go back to the mid $15K range.
  • BTC regains some volumes by the end of tonight and is attempting $16K again.

TLDR Version:

Expect Bitcoin to be rather bearish today with support zones lying somewhere between $13K-14.5K. Alt-coins are still slowly sucking BTC dry as high fees and congestion continue to plague the network. It will take SERIOUS volumes to break past the $15.5K zone and attempt $16K again by tonight.

Price Target:

  • $15,500

Alt-Coins To Watch:

  • ADA (good entry)
  • TRX (good entry)
  • IOTA (good entry)
  • ETH (showing strength)
  • NEO (showing strength)
  • XVG (showing strength)
  • RPX (wild card)

*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.)

#blockchain #crypto #money #cryptocurrency
7 years ago in #bitcoin by
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     7 years ago  

    i like those steemain who give us information about bitcoin. i alredy like your content. your content alwas high quality

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     7 years ago  

    Exceptionally HIGH quality content for my high quality followers!

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     7 years ago  

    This bitcoin of a thing is really getting my confused just as i always write. Yeah bitcoin to me on monetary basis its trying i know I made x5 from my last two years purchase of alittle amount of bitcoin been sold this year. Now am finding it hard to re-stock again because its dollar rate has increased which in essence it can be a good future investment but can it be relied on with the way EThereum and ripple is going?..thanks once more for the info ans sure you got an upvote on this 🖒🖒🖒

    [-]
     7 years ago  

    You should learn how to cost average yourself in. That is the best technique to allow yourself gradual gains while alleviating the feeling of FOMO. I believe all cryptos have room to grow and will continue to for some time.

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     7 years ago  

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      [-]
       7 years ago  

      I will do!

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