We are at a very important crossroad right now. Today's price action could determine the momentum for the next month.
Bitcoin will need to sustain prices above the $6-7K range in order to prevent another major breakdown in support levels. If we can continue to close above the $8K level it will signal more buyers entering the market, which could lead to another rally within a few weeks.
Current Market Cap: $413.96B (-$7.45B in two days) Bitcoin Dominance: 34.2%(-0.3%)
I am short on time so I have to do an express version of the forecast today :-D!
Today I'm using three different trading tools and indicators: Bollinger Bands, Stochastics and MACD.
Bollinger Bands show we are above the moving average around $8,200.
Stochastics indicate we are slightly overbought but have more room to move up.
MACD is showing a very bullish crossover at the zero line, first by the fast moving average and if the slow moving average follows we are in for a nice rally!
TLDR VERSION (no scenarios today):
Market confidence is slowly returning to the space but investors are still wary of impending regulation and a still bloated Bitcoin price. Expect the support zone to hold up in the high $7K range, $7,800 specifically. Resistance in the $8,300-$8,500 zone for the majority of the day.
Price Target
$ 8,900
Check Out My Last Bitcoin Post:
https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-price-forecast-2-9-2018
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
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!!!
https://steemit.com/bitcoin/@hotsauceislethal/no-transaction-fee-bitcoin-trick-using-coinbase
Need A Good Laugh?
https://steemit.com/bitcoin/@hotsauceislethal/what-kind-of-crypto-trader-are-you
*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.)
Nice to see an update from your side, @hotsauceislethal!
In my opinion, the positive scenario looks like that:
And there is no matter if we go to the mega-heights with a huge impulse
or to the super-lows with a double zigzag.
More info in my latest postx, if interested.
Thanks for your analysis!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
It would certainly be nice to get back to $10K levels. The whole portfolio felt like it was on steroids when we broke $9K again :-D
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
This post has received a 22.61 % upvote from @booster thanks to: @hotsauceislethal.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
If last year is any indicator around March we should see prices rise across the board .
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I think crypto market will rally after Chinese New Year :)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thanks for the update. I think we are looking at a cautious positive
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit