Bitcoin Price Forecast 7/31/2017

August 1st, 2017 will go down in history books as the day that Bitcoin Forked. Current MC: $92B

As predicted the market has begun to rally leading up to this critical day in Bitcoin's history. August 1st will forever be remembered by Bitcoiners and traders alike. Just after midnight on the 30th there was a slight drop and we have slowly been moving up ever since. Bitcoin dominance continues to grow over the rest of the crypto market now standing at 51.5% of overall Market Capitalization.

In today's graph you will see that we hit a high of $2883.50 and immediately pulled back to $2830 within minutes. Prices have shown serious support throughout the past week around the $2650-2750 range and continues to slowly gain momentum. Every day there are new investors entering the market and many of them are holding patiently until the split. This means that we should continue the bullish trend that has been set the past few days.

Key retracement levels indicate that we could fall back to $2700-2800 zone before continuing the rally to $3000+. Stochastic graphs also show strength around $2750-2800 specifically and that we are slightly oversold at current prices. Bollinger Bands show the moving average to be set around $2770 and climbing.
ALL GOOD SIGNS! Market is looking extremely bullish today.

Beware, however, because there may be some profit-taking by whales once the price hits all time highs. There are also a lot of people who have limit orders set at $3000+ for Bitcoin so once the price hits that mark expect an immediate drop back down. Volatility is going to be very high today as volumes surge due to the flood of money and flow of transfers in AND out of the Bitcoin markets.

Likely Scenarios:

• BTC rallies the rest of the day and hits $3000+
• BTC holds very strong around $2800-2900 the rest of the day until the fork
• BTC retraces back to $2700 range before popping back up

TLDR Version:
Today we will see Bitcoin markets continue to grow, both in market cap and in dominance. Expect a slight sell off around $3000 if we can break past the resistance at $2920 zone. Retracement down to $2700 possible but not that likely.

Price Target:
$3055

*As always never invest more than you are willing to lose and do your own research before making any investment decisions.