Bitcoin is still standing LIKE A BO$$! Current MC: $148.98B (+$1.78B)
The Bitcoin network is a bit laggy and fees have been going up as there are nearly 40,000 unconfirmed transactions in the mempool. Just to send BTC now it will cost several dollars so I always use an alt-coin such as LTC, ETH or another widely traded coin with shorter block times and much cheaper fees. According to some websites the hashrate has dropped nearly 50% in just a few days which in turn means slower transactions that also cost more to send! This is part of the reason why BTC prices have stagnated and alt-coins are getting their time to shine.
With BCH stealing BTC mining power the prices have taken a small hit. Increased profitability and brand confusion has led to a nice hype for BCH and its price has stabilized somewhat as more miners are hopping on board. Over the coming days we should see BTC regain some of that power back as mining difficulty will continue to adjust for BitcoinCash and profitability equalizes with Bitcoin.
In today's chart you will see jumped up to that previous support zone of $4250 which gave us a little resistance. It will be a test to see if we can break past that point and get back to $4350 today. New support zones are forming around the $4000-4100 range and if we stay stable again then alt-coins will see another surge as investors chase the thrill of faster highs from trading more volatile coins.
Likely Scenarios:
- BTC experiences more low volumes and more congestion- breaks down to the old support zone at $3950
- BTC holds above $4K today and we test that $4250 zone a few more times
- BTC bounces between $4050 and $4250 until we break past that resistance and head to $4350
TLDR Version:
BitcoinCash is still wreaking havoc on it's old man's game- Stealing his mining hashpower! Expect support to keep us around $4K today as we test that resistance zone at $4250
Price Target:
$4350
Alt-coins To Watch:
- LTC
- EOS
- XMR
- XRP
- NEO
- BTS
*Never invest more than you are willing to lose and always do your own research before making any investment decisions.
Please Remember To: 
Check out yesterday's forecast:
https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-price-forecast-8-22-2017
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-just-getting-started
Confused About BitcoinCash?
https://steemit.com/bitcoin/@hotsauceislethal/the-many-names-of-bitcoin-cash
Fantastic Documentary About Relevant STUFF! (MUST WATCH!!!)
https://steemit.com/cryptocurrency/@avii/mind-over-money-documentary
thank you hotsauceislethal, do you know how long it takes to register eos key? I have registered and it shows 'registering key' for hours, i registered a second time and same thing
I have no idea... I have only ever sent EOS tokens once and it was another exchange wallet address. I was thinking of withdrawing my tokens to a private wallet but I haven't done so yet. BTW I scooped some super cheap EOS two nights ago for $1.26!
It's gone up a bit now. It just felt cheap few days ago. Great buy at 1.26
hey thanks for the invite.
Nice forecast, i agree with you or will btc explode again? You'll never know with this bitcoin it's becaming more and more bullish
What should happen is BTC will stagnate until the difficulty adjusts for BCH mining. We need more hash power to increase the speed of the network and decrease fees and there are only so many of these ASIC computers out there that can mine BTC or BCH right now.
Once SegWit fully activates and then we get some sort of a decision about SegWit2X (which could possibly fork BTC again) we should see BTC become faster and start to rally in price again. I don't buy BTC if I can avoid it I would much rather buy Litecoin and send it to where I want the money, then cash it out for BTC once it gets there. MUCH faster and cheaper to just work around the congestion myself using alts and exchanges.
Bitcoin will always rise over time that is how it was designed to work. Always a good investment especially if they are going to fork it again in November :) Remember what happened last time we forked!
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