Bitcoin Price Forecast 2/24/2018
Another beautiful day in Crypto-Land
Current Market Cap: $420.0B (-$80.7B in 5 days) Bitcoin Dominance: 38.4%(+0.8%)
As we have seen time and time again there will be growing pains along the way. It seems like we keep taking two steps forward and then two steps back. Once we break out of this rut I can only imagine the massive bull run that will take place. There is a literal flood of money waiting to enter this space- given the right conditions, both legal and psychological.
I remember getting excited when we hit a measly $25B market cap and I told everyone I knew that we would soon hit $100B! Look at us now :-D
Today I'm using three different trading tools and indicators: Bollinger Bands, Stochastics and MACD.
Bollinger Bands show that we are below the moving average (around $9,950).
Stochastics indicate that we are massively oversold.
MACD shows the moving averages are way below the zero line, but watch for a crossover indicating a price reversal.
Likely Scenarios:
- BTC drops even further to test the $8,800 support level by tomorrow.
- BTC finds the much needed support in the low $9K zone and rebounds to the $9,500-9600 range.
- BTC attempts to break past $10K again but falls due to low volumes.
TLDR Version:
The market seems to be steadily navigating the volatility and growth spurts with Bitcoin taking back some of its lost ground over the past few weeks. Increased interest from legitimate businesses and governments has fostered price support recently. Expect major resistance levels near $10K-$10.3K and support around $8,800-$9,250.
Price Target:
$9,750
Alt-Coins To Watch:
- I would suggest holding off on many alts this week since BTC is showing some strength and is sapping most coins of their BTC value (although USD value may stay afloat).
Check Out My Last Bitcoin Post:
https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-price-forecast-2-19-2018
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/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 created by myself.)
i still remember the pain when we dropped to 3k after a lot of FUDs, i am glad i bought some then. And then some last month. Now just waiting for the next run up
It could be a matter of weeks or months. We are really waiting for the Lightning Network to make Bitcoin not just a store of value but a true currency. After that they will need to solve the miner profitability conundrum since the LN will be so cheap to use.
i hope you are wrong and we will see BTC over 10k
With every up there will be a down. This is just a daily movement prediction- we could easily be over $10K again within two or three days if you ask me.
Great forecast thank you very much for sharing that giving a lot of very good info about the market
Thanks, I took a few days off to just relax but today I'm back to work :-D
The sellers are in control (red circles). My target is $8400, before we get a chance to move back up to $12000.
Very cool analysis. I'm gonna follow and check out more of your content.
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