Today has been a great day for Bitcoin as well as most other Alt-coins with a very robust and hearty $88B MC (Market Capitalization) at the time of writing this post. This is a nice little rally since the lows of 61B MC only a few days ago. The past two days we have seen a clear up-trending channel forming in the Bitcoin price and it appears we have some new resistance lines set in place.
On the chart you will notice a blue line @ $2387 where the new resistance is being set. If we can break past that resistance there is nothing stopping BTC from hitting 2500-2600 in the next two days with all of the renewed faith in the currency.
HOWEVER what goes up MUST come down and BTC has been on the rise for about two straight days upon the SegWit news that has developed. The coin-split is still factually possible but not very likely in the eyes of most traders. The result has been a very bullish past two days with only price bouncing off the moving average only five times.
Likely scenarios:
-BTC breaks past the resistance ~2387 and rockets up to $2500+
-BTC retraces some of that movement back down to the $2250 mark (0.236 ratio on FIB scale)
-BTC retraces back down to $2168 (0.382 ratio, or the inverse of Golden Ratio)
I included two other possible retracement scenarios (orange and pink arrows) which would indicate that we are in that bull trap I mentioned in my previous post: https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-rally-or-bull-trap
TLDR Version:
Bitcoin is now back in BULL territory but we may see a slight correction over the next day or so before it can go up any further.
BTC Price Target:
$2480
By the way you can read my previous two BTC analysis articles here:
https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-s-golden-retracement
https://steemit.com/bitcoin/@hotsauceislethal/three-month-technical-analysis-graph-of-bitcoin-7-16-2017
The past two days my BTC predictions have been spot on... two days ago BTC bottomed out @ 1800 range and bounced back, then Monday I predicted a $2350 price target which I woke up to coincidentally the next morning!
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Nice analysis, It's right as your analysis it will have some retracement i can agree with you on this point. But i don't see Bitcoin will be below 2000 even before 1 Aug.
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Great post, i will follow you and upvote everyday you while you do same to me. a deal?
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definitely gotta follow you..i love forecasts..im a graph guy lol
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We are still watching ...
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Nice post. I was about to start a similair discussion. The cryptospace definitely feels a bit inflated. However we also said that about the S&P 500 40 years ago Besides coinmarketcap.com there is: https://www.coincheckup.com I don't know any other site that gives such good inisghts in the team, the product, advisors, community, the business and the business model, etc. Check for example: https://www.coincheckup.com/coins/Bitcoin#analysis To check Bitcoin Report.
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