Bitcoin Price Forecast 8/11/2017

As predicted we have shattered the record AGAIN! Current MC: $127.4B and GROWING FAST!

Yesterday we had a breakout due to a nice pop in volume which led to us breaking the previous high at $3483 then pulled back a tiny bit only to have an even bigger breakout to push us past $3500 :) Just as predicted the price shattered previous records by about $68 and hit a high of $3551. My price target from yesterday's forecast was $3540 and we just barely passed that.

In today's chart you will see that we are just coming off an all-time high with a double attempt at breaking it. This normally means we are headed right for a slight sell off. Expect a retracement down to $3400-3450 before a little more support keeps the price afloat. We should see another bullish day if I know anything about the Bitcoin markets...

Likely Scenarios:

• BTC drops back down to $3450 in the short term and then falls back down to $3350-3400 by tonight
• BTC holds around $3450-3500 range until a little more volume picks up later today
• BTC drops back down to $3450 and then pulls back up to $3550 before rallying to new highs again by tomorrow.

TLDR Version:
Market is super bullish AGAIN today but we will face a slight sell off before making any moves further up. Prices will be stable around $3450 today for the most part. If we do see any serious movements it will be up towards new highs.

Price Target:
$3580

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