Bitcoin Price Forecast 3/5/2018
The Bitcoin bulls have awoken from their slumber!
Current Market Cap: $468.82B (+$20.16B in five days) Bitcoin Dominance: 41.9%(+2.1%)
As the crypto markets continue to mature we have seen a slow and steady growth. Much of that growth has been focused on the recovery of Bitcoin and its market dominance, which has been growing again over the past couple of months. From a low of around 32.6% it has jumped to an astounding 42% and is looking to retake nearly half of the entire space soon.
Bitcoin has finally come back with a vengeance!
Today I'm using three different trading tools and indicators: Bollinger Bands, Stochastics and MACD.
Bollinger Bands show we are above the moving average (around $11,520).
Stochastics indicate we are oversold and could fall back to normal ranges.
MACD shows we are above the Zero Line. Watch for a crossover of the two moving averages indicating a price reversal.
Likely Scenarios:
- BTC continues to attack the resistance and pushes for $11,800-$12,000 by tomorrow.
- BTC falls to the moving average but bounces back up toward the resistance lines again.
- Prices fall back toward the $11,400 zone before finding support and rallying back.
TLDR Version:
Bitcoin is showing its strength in more ways than one. It is beginning to devour the market cap from the much more fragile alt-coins. Expect super strong support in the low $11,000 zone with some resistance approaching $12K today.
Price Target:
$11,850
Alt-Coins To Watch:
* Be careful during very strong BTC moves like today, alt markets can be extremely volatile.
- ETH
- XRP
- NEO
- EOS
- ETC
- OMG
- XVG
- POLY
- LINK
Check Out My Last Bitcoin Post:
https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-price-forecast-2-28-2018
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https://steemit.com/bitcoin/@hotsauceislethal/how-to-conquer-fomo-fear-of-missing-out
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https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-s-hype-cycle-is-finally-here
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Why STEEM Is Going To Be A Powerhouse In 2018
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*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 or created by myself.)
Great analysis - we're definitely starting to see some disaggregation between alt coins and BTC. Gives me some confidence that the market is starting to finally turn around on BTC. As for the alts, I see this current period as a nice buying opportunity. I think there's long-term value in holding some of the major ones you named (EOS, ETH, XRP) and this may be a good dip to buy into as long as you're willing to stomach the volatility.
I'm afraid that the alt-coin markets will have a lot further to fall (in BTC prices) before finally finding some support. You are right about the big coins though- they will provide the safest shelter for your investment over the coming years.
I hope you are right and we will see the target price of $11,850
The market has shown amazing resiliency in the face of a FUD torrent. Eventually Bitcoiners become immune to the FUD, but the noobs continue to hurt the market with their panic selling and stop loss orders.
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