GOOD AFTERNOON STEEMIT :) Current MC: $101.3B as BTC dominance slowly builds to 46.5%
Bitcoin is holding strong in the face of adversity and uncertainty. The community has rallied and shown interest in preserving Bitcoin's legacy and they have also shown interest in FREE MONEY :P There are a few people still HODLing their BitcoinCash but the majority of small investors probably sold off by now if they could. As the price has fallen tremendously over the past couple of days I expect the price to continue to drop as more cold-stored coins hit the market. This will put some more $$ into the main Bitcoin as well as other altcoin markets which we should see over the coming days.
In today's chart you will see that Bitcoin tested its 24hr high twice and now we are beginning to lose a little bit of steam according to the Stochastics graph (bottom purple graph). This should not be a problem however as investors have shown a lot of support around the $2750 range. The influx of free money from BitcoinCash will also help keep the price afloat as more people will continue to panic sell the BCH as the price plummets. I expect another re-test of that $2875 mark and if we break above that we might be headed right to $2950 or beyond.
Likely Scenarios:
- BTC maintains its momentum and heads back towards $2900 range
- BTC drops down to $2800 and then pulls back to $2850
- BTC rallies on BCH panic selling and approaches record highs around $3000
TLDR Version:
Expect Bitcoin to hold strong today as support levels keep moving up. BTC dominance is growing which is a great indicator of overall strength and health. We will hold strong in the $2750-2850 range for most of the day.
Price Target:
$2930
*Never invest more than you are willing to lose and always do your own research before making any investment decisions.
AS ALWAYS PLEASE REMEMBER TO FOLLOW, UPVOTE AND LEAVE A COMMENT DOWN BELOW. IF YOU RE-STEEM THIS I WILL SEND YOU SOME FREE STEEMDOLLARS!!!
Please check out my last forecast:
https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-price-forecast-plus-bitcoincash-bonus-forecast-8-3-2017
you forgot to mention the scenario were BTC drops back down to previous support lines since its failed to breakout, yet again.
I think that the recent stability is actually really good for crypto markets. Have you noticed how the Market cap has remained super stable and altcoins are growing.
Do you see a pull back happening anytime soon? I should have bought at 2k a few weeks ago, bummer.
I looked at my phone that Sunday a couple weeks ago and was shocked to see BTC at 1900 USD and Ethereum in the 130's. I'd already bought some a bit higher and was thinking it would drop more as it had been dropping steadily over the course of a month or so.
Now I'm really kicking myself wishing I'd bought a whole coin on that Sunday evening using my bank account as the funds would have been available to move before the fork. I managed to buy as much as coinbase would let me buy on my credit card the day before the BCH payout and transferred it to another account pretty quickly but I sure wish I'd loaded the boat earlier.
Hindsight is 20/20. Ouch.
I saw the exact same thing! But was in the middle of a move and didn't have my own internet set up and was paranoid about using public wifi. I did manage to get my BTC to a hardware wallet before the deadline which made me feel good but it looks like Coinbase is reassuring everyone that the bit coin cash associated with their private keys will remain in the custody of the customer. I'm super excited about this decentralized ledger ecosystem, the sky's the limit!!
With the creation of over 6 billion dollars out of thin air (BitcoinCash) I doubt the price will be going down any time in the next few weeks. We are long overdue for the next rally because of the influx of new amateur investors and institutional investors combined.
good analysis. I think people will sell Bitcoin Cash into Bitcoin which will propel it over 3k soon imo.
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STOPSolid blog. I was about to post a similair thread. The cryptospace definitely feels a bit inflated. However we also said that about the S&P 500 40 years ago Personally I always use: https://www.coincheckup.com The site lets you check all there is to know about the team, product, communication transparency, advisors and investment statistics on every crypto. Go to: https://www.coincheckup.com/coins/Bitcoin#analysis For a complete Bitcoin Detailed analysis