Bitcoin Price Forecast 7/28/2017

Yoda once said "Do or do not, there is no try." Current MC: $90.9B... I feel like Bitcoin is in that awkward Jedi training stage right now where it is unsure and going through a lot of doubts. It is learning how to use The Force and doesn't quite know how to yield its power yet.

In today's graph you will see some strength regaining in the market as we approach the August 1st deadline. The Bitcoin Cash movement has actually found its place this week and the exchanges have taken sides. The larger exchanges in the USA are deciding to avoid the snafu altogether as it represents a legal and technical nightmare. On the other side of the pond you have the European exchanges embracing it with open arms, realizing the financial benefits that lie within.

The stochastic graph at the bottom will show that we are holding very strong above 50 (below 20 is oversold above 80 is overbought). The fact that it is holding steady means that there is nice support in these ranges of $2740-2770. Bollinger bands indicate that we are in an upward trend and only falling back down to the moving average and not below (just yet). We could be setting up for another run up towards $2800 or higher. The small rally over the past two days has caused alt-coins to suffer as prices adjust (in BTC prices) to compensate for the higher exchange rates (in USD).

Likely Scenarios:

• BTC holds strong around $2750 for the rest of the day
• BTC drops back to $2650 before pulling back to $2750-2800
• BTC keeps up momentum and goes up to $2850-2900 range

TLDR Version:
We are back in good shape for today as it seems nothing can stop BTC's rise to the top. Expect to see a bullish price of $2750 to hold most of the day with retracements down to $2650 likely. With increased volume we will see BTC hit $2850 by the end of the night.

Price Target: $2920

*As always never invest more than you can afford to lose and always do your own research before making any investment decisions.