Bitcoin Price Forecast 2/6/2018
The sweet sign of relief on the horizon. Finally the rain has stopped!
Current Market Cap: $362.65B (-$94.2B in 5 days!) Bitcoin Dominance: 35.3%(+1.4%)
What a wild ride it has been this past month! We saw the market FINALLY bottom out last night as the despair set in. I had previously warned that we would fall even lower in my article "Did Bitcoin Just Bubble"- written when BTC was still at $8950!
There are still some rough times ahead as the market stumbles to recover from the recent blows. Will the whales continue to manipulate the markets at the expense of the little guys?
Today I'm using FOUR different trading tools and indicators: Bollinger Bands, Stochastics, MACD and (BONUS) Fibonacci Retracement.
Bollinger Bands show we are above the moving average which is just above $7,000.
Stochastics indicate that we are overbought and above "normal ranges".
MACD was looking very bullish this morning but is slowing down, keep an eye on the crossover of the fast and slow moving averages.
Key support level around $7,300 and resistance level at $8,150 today. If we can break out above $7,800 and close above $8K for an extended period of time then we are looking to rally back to $9K-9.5K within a few days.
Likely Scenarios:
- BTC continues to rise, testing that $8K zone before dropping back to the moving average.
- BTC has trouble breaking past $7,800 and drops back to the $7,250-$7,500 zone.
- There is a huge pump in buy orders that sends us past the $8K mark and we can rally towards $9K by tomorrow.
TLDR Version:
US lawmakers and regulators are meeting today and gave a bullish outlook on the whole market. The recovery couldn't have come soon enough! Watch for BTC support above the low $7K zone and resistance anywhere from $7,800-$8,150.
Price Target:
$8,400
Alt-Coins To Watch:
- PIVX
- NXT
- XRP
- BTS
- STEEM
- ADA
- MANY MORE!
Check Out My Last Bitcoin Post:
https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-price-forecast-2-1-2018
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https://steemit.com/bitcoin/@hotsauceislethal/how-to-conquer-fomo-fear-of-missing-out
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https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-s-hype-cycle-is-finally-here
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https://steemit.com/cryptocurrency/@avii/mind-over-money-documentary
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*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.)
Made a mistake on the title- said the wrong date originally.
According to the firm Autonomous Next, the number of hedge funds investing in digital assets like Bitcoin has grown rapidly to more than 100. Since the launch of Bitcoin Futures on the Chicago Mercantile Exchange in December 2017, it shouldn’t be a surprise to anyone why the price of Bitcoin is down 50% from the high.
bitcoin.PNG
Only Retail Investors chase price and buy high and sell low, while the Professionals buy low and sell high. The Hedge Funds have purposely sold Bitcoin futures to get in a better price.
At the moment, there is a war taking place between the buyers (Hedge Funds) and the sellers (Retail Investors) called capitulation. That line in the sand was at $9000. Capitulation is when investors give up any previous gains, by selling, in an effort to get out of the market. Capitulations are outcomes that result from the maximum psychological and financial pain that can be endured by a group before throwing in the towel. The Retail Investors are throwing in the towel after seeing a more than 50% correction in the Bitcoin price to the buyers, the Hedge Funds. With 100s of millions of dollars to invest, we are witnessing an accumulation phase by the Hedge Funds between $6000 and $9000.
The Hedge Funds are loading up and buying from the Retail Investors. But to fill all their buy orders, as the sell orders dry up, price must go down to the next stack of sell orders. We are approaching what I believe will be the bottom of bitcoin at $6000. My first target is $12,000 and my second target is $17,000 over the next 3 - 9 months.
The easy money has been made over the last 12-18 months. With the big boys in the game now, the rules have changes. The question is, are you ready to play to win with a new play book?
This post is my personal opinion. I’m not a financial advisor. Do your own research before making investment decisions. By reading this post, you acknowledge and accept full responsibility of any gains or losses.
I'm hoping for that 9k goal on bitcoin for tomorrow!
It would be nice but I think we will see some more greedy whales manipulating the markets tonight.
Ya unfortunately the crypto market is still so easily manipulated.
We got pretty close! High of $8,650 this morning haha!
awesome post!!! thank you so much for all this good information
Thanks for stopping by!
This post has received a 7.57 % upvote from @booster thanks to: @hotsauceislethal.
according to bitcoin news stay 20% for in mine. market law is getting rare items. price will be higher. we stock bitcoin lot.
Very cryptic message but ok!