Bitcoin Price Forecast 1/31/2018

in bitcoin •  7 years ago 

Are we all having fun yet?

Current Market Cap: $520.04B (-$67.5B in 3 days) Bitcoin Dominance 33.3% (-0.3%)

BTCforecast01312018Front.jpg

This week has been quite erratic again as the market uncertainty continues to hurt prices. Lawsuits are arising left and right with the SEC and multiple US States trying to take jabs at crypto we will continue to see sluggish growth. The wild west days seem to be coming to an end...

Is Bitcoin's golden age over?

BTCforecast01312018.jpg

Today I am using three different indicators and trading tools: Bollinger Bands, Stochastics and MACD.

Bollinger Bands show we are above the moving average which is slightly above $10,000.

Stochastics indicate that we are at normal ranges and rising.

MACD is showing that we are approaching the zero line, which is a bullish indicator.

Likely Scenarios:

  • BTC price continues to bounce between $9,800 and $10,200 until volumes increase.
  • BTC attempts that $10,500 resistance zone and falls back to the 10K zone.
  • A massive spike in volumes sends us above the $11K resistance level establishing new support.

TLDR Version:

There is a lot of uncertainty in the market right now and INVESTORS DO NOT LIKE UNCERTAINTY. This will continue to put a downward pressure on prices so expect a lot of resistance at the $10.5K-11K levels. Support levels are around $10,000 and $9,600.

Price Target:

$10,400

Alt-Coins To Watch:

Almost every coin is on sale today so pick up your favorite coins while they are still cheap!

*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 pixabay.com or created by myself.)

Check Out My Last Bitcoin Post:
https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-price-forecast-1-28-2018

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7 years ago by

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    • [-]
      ·  7 years ago 

    My prediction is a new all-time-high, immediately BEFORE my tax returns arrive. Not any real hard science, except Murphy's Law......

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    [-]
      ·  7 years ago 

    I actually can see a LOT of people dumping their tax returns into BTC and other alt-coins. I have been asking people randomly if they own any crypto and quite a few people have said they do. A teller at the bank said he bought Ripple when it was 27 cents and that he also bought Litecoin :-D

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    [-]
      ·  7 years ago 

    I got Raiblocks a while back because the protocol stack looks incredible. I cannot believe I sold my dash and eth last year, sold 10 LTC too. I figured BTC was my only long term hold. Given I sold high, and a week later I was like king of the world, I am thinking I will look at the bottom 10 of the top 25.

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    [-]
      ·  7 years ago 

    About the golden age... I guess it is important to monitor the ETHBTC chart. If BTC dominance is 33% , this parameter for Ethereum is currently somewhere near 21% now.
    And here is the chart of ETHBTC prices starting 2017:

    Eth is getting more and more strong, so I would even prefer pay more attention to it, rather then BTC. Please find more detail about the eth in my latest post

    Thanks for the analysis, @hotsauceislethal

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    [-]
      ·  7 years ago 

    It's been on the 10k level for way too long, market is starting to be green now, maybe it's time for bitcoin to wake up

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    [-]
      ·  7 years ago 

    Just when you think we are gonna rally we get the smackdown again haha! Good to see you buddy.

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    [-]
      ·  7 years ago 

    Thanks ,The FUD is sure keeping a great impact and the panic Sell is sure taking an impact in BTC.Hope BTC gets a spike and we get to see rise in the price !

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    [-]
      ·  7 years ago 

    Havent seen you for awhile, lol

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    [-]
      ·  7 years ago 

    I know :-D Monday I was busy wrapping up business in VA and then yesterday I spent most of the day traveling then got out to play a little poker. Went and played a second tourney this morning and walked ALL around Vegas. About to go down and hit the strip again :)

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    [-]
      ·  7 years ago 

    When you coming back

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    [-]
      ·  7 years ago 

    NEVAR!

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    [-]
      ·  7 years ago 

    Take me with you, I’m surrounded by baby’s and beans!!😂😂

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    [-]
      ·  7 years ago 

    Very informative post! I will be following your page.

    Check out my short term analysis here. I would appreciate your feedback or a follow as I continue to post.

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    [-]
      ·  7 years ago 

    Cool man I checked it out :)

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    [-]
      ·  7 years ago 

    When will we see a full recovery you think? I want my crypto back at ATH... :') Nice article btw!

    I wish you all the best.

    Feel free to check out my blog @maxdigi, this way we can support each other.
    Cheers
    maxidigi

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    [-]
      ·  7 years ago 

    It could be a couple of months until we see any real movement with BTC prices. The lightning network should catalyze some price action hopefully!

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