"Every action has an equal and opposite reaction." - Newton

Current Market Cap: $565.16B ($+1.38B in one day) Bitcoin Dominance: 34.8%(-0.2%)

The market finally bottomed out last night just when we thought the bleeding would never stop. Today we have seen a nice little bounce back up but it may only be temporary. Some altcoins are showing very nice gains but they are still nowhere near where they just fell from.

Will Bitcoin come back to reclaim its territory now that the altcoins are weak?

Today I'm using three different trading tools and indicators: Bollinger Bands, Stochastics and MACD.

Bollinger Bands are showing that we are above the moving average which is currently around $10,400

Stochastics indicate slightly overbought conditions

MACD is showing a bullish crossover at the zero line. Volumes must be sustained to enter a full price reversal.

Likely Scenarios:

• BTC tests the $12K resistance by tonight and closes above the critical $12.25K mark
• BTC continues to experience sluggish growth again today as the markets are very skittish
• Another wave of panic sells drops us back down to the $9K range again by tomorrow morning (during peak Asian trading hours)

TLDR Version:

Bitcoin is continuing to experience some problems as high congestion on the network and continual badmouthing by news outlets pushes down the price. The true believers are sticking to their guns and waiting patiently on the sidelines. Mass chaos and panic has hit the new investors however as they struggle to remake what they have lost the past month and avoid incoming regulations.

Price Target:

$12,250

Alt-Coins To Watch:

Almost everything will be bouncing back up with BTC so buy your favorite coins while they are still cheap!

*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.)

Check Out My Last Bitcoin Post:
https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-price-forecast-1-16-2018

Feeling Salty About Missing The Crypto Boat?
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

Fantastic Documentary About Relevant STUFF! (MUST WATCH!!!)
https://steemit.com/cryptocurrency/@avii/mind-over-money-documentary

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https://steemit.com/bitcoin/@hotsauceislethal/save-money-when-sending-crypto

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https://steemit.com/bitcoin/@hotsauceislethal/no-transaction-fee-bitcoin-trick-using-coinbase

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https://steemit.com/bitcoin/@hotsauceislethal/what-kind-of-crypto-trader-are-you