Bitcoin Price Forecast 2/1/2018
We need rainy days in crypto, otherwise how else would your Lambo get a free car wash?
Current Market Cap: $456.85B (-$63.19B in one day!) Bitcoin Dominance 33.9% (+0.6%)
Well I don't think it could get much worse so the only way to go from here is UP! I'm just kidding, it could get a lot worse.
Where do we begin... Facebook banned all crypto related ads in an attempt to prevent fraud, scams and malicious programs from being offered to it's users. Statements coming from the Indian finance minister essentially condemned cryptocurrency, in financing illegitimate activities, being misinterpreted as an attempt to outright ban them. This follows a very slow week for crypto after South Korean regulators and lawmakers pushed for tighter restrictions on identity verifications basically eliminating anonymous trading. Binance banned all Chinese users and don't even get me STARTED with the whole USD Tether problem... that deserves its own article.
Will this game of whack-a-mole ever end?
Today I am using FOUR different indicators and trading tools: Bollinger Bands, Stochastics, MACD and (BONUS) Fibonacci Retracement.
Bollinger Bands show that we are below the moving average which is around $9,400
Stochastics indicate we are in slightly oversold territory but holding onto somewhat normal ranges.
MACD is looking rather weak since we are way below the zero line but the fast moving average is about to cross over our slow moving average which indicates a trend reversal.
Likely Scenarios:
- We see another wave of panic selling which could break down the support at the $9K mark, sending us back to the $8.5K support zone again.
- BTC rallies back towards the $9,700 zone before settling in the low $9K range.
- The FUD clears up as the day moves forward and the price recovers above the $9.5K-10K support levels by tomorrow.
TLDR Version:
The already fragile Bitcoin market was shaken up today with the news coming out of India. This just shows how quickly rumors and misinformation can hurt such new and developing markets. Prices will have a hard time rebounding above that $10K zone so expect support in the low $8K-$8.5K range and resistance around $9.5K.
Price Target:
$ 9,400
Alt-Coins To Watch:
I would stay out of alt-coin markets today and wait for confirmation of the market bottoming out. Could be a very risky venture since we have more room to fall if need be.
Check Out My Last Bitcoin Post:
https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-price-forecast-1-31-2018
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https://steemit.com/bitcoin/@hotsauceislethal/how-to-conquer-fomo-fear-of-missing-out
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https://steemit.com/cryptocurrency/@avii/mind-over-money-documentary
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Need A Good Laugh?
https://steemit.com/bitcoin/@hotsauceislethal/what-kind-of-crypto-trader-are-you
Why STEEM Is Going To Be A Powerhouse In 2018
https://steemit.com/steemit/@hotsauceislethal/steem-is-the-most-used-blockchain-in-the-world-still-highly-undervalued-and-underrated
*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.)
So would it be wise to just sell your alt coin holdings or HODL? Also all this stuff in india is pissing me off. ONe thing about india is they really treat the lower class citizens like crap! Slumdog millionaire is a great example of what im talking about.
Days like today really separate the men from the boys. It is important to have a goal and strategy in place. If you have weak hands then always keep extra cash on hand to buy the dips rather than sell on them. Greed and manipulation have led us to this point and we will have to suffer through the growing pains right now.
I haven't sold a thing today JUST HODL!
Yeeee! Yeah i got my big boy pants on today👍
Ps if you want a little good news check out my latest post😉
Soooooo. What you're saying is to hold steady like rock steady? Maybe buy some while it's low?
no lambos in january haha
Well, depends on how you trade :-D
There are plenty of whales earning lambos daily because of all the weak hands panic selling.
yes that is very true to be honest!!
I also expect a movement to your target of 9400 in close furture, but later I see the fall below the $8 000 support.
Here is an Elliott Wave from my side:
Volume oscillators are very for my analysis, so thank you very much for your job, @hotsauceislethal!
The scary part is you're absolutely right. The bottom has not yet been tested according to some longer term moving averages as well.
I don't think it is scary... If we are aware of the possibilities, there is no reasons to panic :)