Bitcoin Price Forecast 8/10/2017

The coin giveth and the coin taketh! Current MC: $123.78B

The past day has been an interesting one with Bitcoin testing its old support levels at the $3250 range and its new resistance levels at $3450. We are looking like we could be setting up for another big jump which would put us at record highs again. In my opinion the market is just heating up and we are going to see a flood of new money like never before in the coming months.

In today's chart you will see that we are in an upward trending channel today that put us close to record highs. We are going to see some resistance set up around that $3450 range however as that price is just a bit too high for most. New people just coming in however have no point of reference so they will just buy at whatever asking price so expect the new money to dictate volumes today. We should see a drop back to $3350 and keep testing that support level before we can move up any further.

Likely Scenarios:

• BTC drops back down to $3350 range before pulling up to $3450 again
• BTC holds in the $3400 zone for most of the day
• BTC picks up some more volume and then blows past the record highs

TLDR Version:
We flipped from slightly bearish yesterday to slightly bullish today as all signs point towards breaking new records in the next two days. Bitcoin just keeps growing and growing as more and more investors pile into the bus. Expect to stay between $3300 and $3450 for most of the day.

Price Target:
$3540

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