Bitcoin Price Forecast 1/20/2018
Two steps forward one step back.
Current Market Cap: $630.85B (+$65.69B in 3 days) Bitcoin Dominance: 34.5% (-0.3%)
As Bitcoin begins to recover from its huge correction we have seen a dramatic shift in market sentiment. Contrary to popular belief, many crypto traders are still making trades based on their emotions and not based on fundamentals or technical analysis. The fear of missing out is such a powerful feeling that despite knowing better some experienced traders were recklessly buying coins at all time highs. Once the market began to correct, however, many people in the crypto world lost significant amounts of money as a result.
You live and you learn!
Today I'm using three different indicators and trading tools: Bollinger Bands, Stochastics and MACD.
Bollinger Bands show that we are above the moving average which sits just below $12,400.
Stochastics indicate that we are OVERBOUGHT and due for a drop back down to normal conditions.
MACD is showing a slightly bearish crossover of the two moving averages above the zero line. A price reversal is imminent.
Likely Scenarios:
- A drop off in buy volumes causes the price to settle in the low $12K range.
- BTC attempts to break through the psychological resistance level around $13,000 and falls down to the $11.5K-12K zone.
- BTC gets a huge pump in volumes and breaks past $13K settling around $13.5K-14K
TLDR Version:
Bitcoin's back and you're gonna be in trouble- Hey-la-day-la my Bitcoin's back! Expect strong support levels at $12K and resistance around $13-13.5K.
Price Target:
$13,450
Alt-Coins To Watch:
- EOS
- ICX
- STEEM
- BTS
- WTC
- ELF
- LINK
- QSP
Check Out My Last Bitcoin Post:
https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-price-forecast-1-17-2018
Feeling Salty About Missing The Crypto Boat?
https://steemit.com/bitcoin/@hotsauceislethal/how-to-conquer-fomo-fear-of-missing-out
Don't Worry:
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
Like Bitcoin But Want To Avoid The Fees?
https://steemit.com/bitcoin/@hotsauceislethal/save-money-when-sending-crypto
Pay No Transaction Fee From Coinbase!!!
https://steemit.com/bitcoin/@hotsauceislethal/no-transaction-fee-bitcoin-trick-using-coinbase
Need A Good Laugh?
https://steemit.com/bitcoin/@hotsauceislethal/what-kind-of-crypto-trader-are-you
*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.)
Great day for most coins today, bitcoin leads the way again
Bitcoin is the great ocean we all sail on and the altcoins are the boats :-D
Yeah that FOMO keeps me up at night. I just signed up on binance at got my first alt coin!!! Now I’m just going to sit back and watch my money work. I know your a busy man, thanks for taking the time out of your schedule at dropping some knowledge on the people! 🙏🕺🏻
Gotta keep my followers happy :) I was in vacation mode yesterday so I didn't bother making any posts but I'm gonna try to keep up while I'm out here.
Easy $15000 by midweek. The GDAX order book is really strong on buys and sells. Supply & demand is there to carry BTC to $15000 again. I think that is all the legs BitCoin has this week though. I still think we can see a $25000 consolidated coin by the end of the year. Things are just going to be back and forward until then.
I haven't taken a look at GDAX today. That's good to hear though- the market is healthy and strong again. The fear has finally subsided and we will see another mass FOMO event here very soon.