Bitcoin Price Forecast 3/8/2018
Did somebody say fire sale?
Current Market Cap: $401.06B (-$67.76B in 3 days) Bitcoin Dominance: 41.8%(-0.1%)
Yesterday was an interesting day for the cryptosphere with a one-two punch coming from the SEC and Binance nearly at the same time. An announcement by the Securities and Exchange Commission stated that cryptocurrency exchange platforms will be required to register through them, officially bringing the wild west days to an end. (Source) This news broke just hours after suspicious trading was noticed on Binance, currently the second largest Bitcoin exchange by volume, leading to rumors of a potential hack. The company soon cleared up the mess saying that it was only a hack on 3rd party software not on their platform and they have reversed the illegitimate trades (Source).
These kinds of events only strengthen the market as a whole as we build a better, more efficient system.
Today I'm using three different trading tools and indicators: Bollinger Bands, Stochastics and MACD.
Bollinger Bands show we are right at the moving average around $9,800.
Stochastics indicate we are normal ranges and falling toward oversold conditions.
MACD shows we are below the Zero Line and the histogram is tapering down. Watch for a crossover of the moving averages (blue dropping below red) which would indicate further losses.
Likely Scenarios:
- BTC drops to the $9,500 range before finding some support again.
- Support sets up in the $9,600-$9,650 zone helping to prop up the price for part of the day.
- BTC attempts to break past the weak resistance at $10,000 again but falls due to low volumes.
TLDR Version:
The fragile markets have sustained a major blow but have shown extreme resiliency overall. Support is holding nicely in the mid $9,500 zone with some resistance around $10,000. It will take massive volumes to break past the $10,300 zone so expect prices to remain sub $10K for the majority of the day.
Price Target:
$9,995
Alt-Coins To Watch:
Normally I would recommend avoiding alt-coin markets at times like this. Extreme Bitcoin volatility can cause complete chaos across BTC markets so approach with caution. Almost every major coin is on sale today so cost-averaging your positions is of utmost importance if you do decide to make any purchases.
Check Out My Last Bitcoin Post:
https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-price-forecast-3-5-2018
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https://steemit.com/bitcoin/@hotsauceislethal/how-to-conquer-fomo-fear-of-missing-out
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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 created by myself.)
Haha jsk. I mest up the other day, i herd ripple was going to be added to coinbase and bought some without doing the research first. If it goes to a dollar ill sell it.
Don't be a noob- always do your own research before making any investment decisions. It says that right at the bottom of my posts :P
If it makes you feel any better I bought some XRP above $2 and am stuck holding bags right now!
Lol yeah i got all wet when i saw a thing about ripple been on Coinbase. I bought it at 88 cents. Check out my last two post. You’ll be proud👍
Like in the share market, dollar cost averaging is very important. I will look to get some more litecoin at this stage as it is cheap. I have 10 of them but always want more, so getting them cheap is the option for today.
Thank you for posting this report yesterday was very bad day , this report help me to understand a bit better what wad going on
Hope price will go back up soon
Also, I forgot to mention that 7 Japanese exchanges were penalized too! I don't think that will have that much of an effect on the market but it still doesn't help much.
Remember that Bitcoin markets trade mainly on psychological values. If someone thinks that something bad is going to happen in this space then the overall morale is negatively affected as well.
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