Bitcoin Price Forecast 11/10/2017

This is always the best part of the rollercoaster :) Current MC: $196.83B (+$27.33B in 26 days) Bitcoin Dominance: 56.1% and slowly falling, down about 5% from its recent high.

So we are in this really strange place where there is still some disagreement as to whether the next hardfork should proceed or not. The core group of developers and powers that be in the Bitcoin world have said that it might not be a great idea to proceed at this time, effectively "cancelling" SegWit2x. Another group of miners have said "HOLD UP!" and still want to double the block size as originally intended. This has caused more confusion over the situation but we will see what happens in 5 days.

After seeing monumental growth in the crypto-markets this week the imminent correction has finally set in. All-time highs of nearly $7900 were achieved on some exchanges and we were stretching for that $10K mark. Will we see 5-figure price target before the years end?

In today's chart I have set the zoom to show pretty much everything since the July 15th price crash ($1800). Around that time is when miners began to signal early for the SegWit upgrade and the price began to rally to $5000.

We did not see another major correction until September when a series of negative events affected the Bitcoin markets including a Chinese ICO ban, crackdown on Chinese exchanges and some badmouthing by Jamie Dimon. This effectively dropped prices back to $3000.

From this $3K point we have rallied all the way to nearly $8K and are looking at a sizeable correction on its way. Using Fibonacci Retracement I would estimate that the next major support levels lie around $5450- $6000. If there is a sharp sell-off we could see prices under $5000 again very soon with strong support set up around $4850. We have already hit the moving average and it IS possible for us to keep moving back up, but a downward correction is more likely in my opinion.

This price contraction will absolutely hurt the alt-coin markets BUT overall should increase their BTC prices in the short term to balance out. Keep a strong stomach and an even stronger hand!

TLDR VERSION:
Bitcoin is extremely overdue for a correction. Expect prices to continue to fall over the coming weeks as profits are taken leading into the holiday season. Watch for key support levels of $6000, $5500, and $4800.

Price Target:
$4800

In other news- BitcoinCash has been pumping like crazy, just breaching above $1000 per coin, and has become more profitable to mine that Bitcoin (yet again). You can track the stats here: (https://cash.coin.dance/blocks)

Alt-coins To Watch:

• BCH
• LSK
• BTS
• STEEM
• XRP

*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.)