Another day another attempted shake-out :-D! I hope everyone is doing well today. Time to do another forecast for the king of all cryptos.

Early this morning we saw a massive drop across the market that was initiated by a sell-off in Bitcoin's price. In a span of only 8 hours from 6 AM to 2 PM (PST) we went from $13,200 all the way back to $11,550 before buyers finally stepped back in. Alt-coin markets have already been destroyed vs their BTC pairings and this morning's drop in Bitcoin was yet another blow to the bag holders. As many of you have already seen, Bitcoin is showing the most strength and is getting the most attention right now.

It appears as if we may be forming a rough cup and handle pattern on the 4-hour chart (above) or maybe even an inverted head and shoulders formation. If we can continue to hold support above that important $12K psychological level that we have broken then there is nothing keeping us from breaking new yearly highs this month. Otherwise we will have to consolidate for a bit longer before the next wave of money flows in to give us a price boost.

In my last post only three days ago I said "The buyer demand that we have seen could easily push us back into the $13K+ territory within a matter of only days mainly due to the low liquidity markets Bitcoin trades on." In that post I also said "Current Resistance To Break: $11,600- $12,000" and within 24 hours we touched exactly $12,000 briefly before falling back a few percent, only to surge past that AND $13K within 2 1/2 days.

Now we are setting up support in the mid $11K range (currently at $11,550) and a little more loosely at $12K right now where buyers and sellers have been battling over today. Once we form a solid support in the low $12K range we will be able to attempt $13-14K again very soon! This continued BTC strength will only further hamper the alt-coin pairings as many projects are simply struggling to hang on right now.

Expect further volatility over the coming week as whales attempt more shake-outs and chase stop-loss triggers. Low liquidity, immature markets are susceptible to wild price swings because the majority of the coins are still being controlled by whales (and dolphins) that can easily pump or dump the prices.

Predicted Daily Price Range: $11,800- $12,600 (with med-high volumes)

Current Resistance To Break: $12,200- $12,800

Current Support: Mid $11K zone - $11,700

BUY/SELL/HODL: BUY or HODL

*Never invest more than you are willing to lose and always do your own research before making any investment decisions. I am NOT a financial advisor and this is NOT financial advice- this material is intended for entertainment and informational purposes only. Hit "CTRL + or CTRL -" to change size of chart.
(All pictures are free domain images created by myself with the help of Coinigy.com.)