Bitcoin Price Forecast 8/18/2017
Bitcoin's forgotten child has come back with a vengeance! Current MC: 141.3B (-$0.6B)
After the tumultuous split at the beginning of the month BitcoinCash kind of stabilized in the $300 range before absolutely EXPLODING early yesterday literally doubling it's market cap to TEN BILLION now... BitcoinCash has gotten a taste of blood and there will be no stopping it. Today it has become more profitable to mine BitcoinCash than regular ol' Bitcoin. Keep a very close eye on what will happen next because it could determine the fate of the entire crypto-sphere.
Bitcoin got hit hard today as some investors have been dumping on the market in order to chase BCH profits. There is some serious volatility today as people shift portfolios and prices adjust to balance with both Bitcoins now. Just two days ago BCH was trading 1:1 with ETH, then yesterday it was trading 10:1 with BTC. Today BCH is trading at over 0.15 BTC each! Amazing price jumps in just two days which should be a HUGE red flag for BTC investors. There will be a dramatic shift in prices as miners switch to the more profitable chain. This may be the beginning of the market reversal to bear conditions!
In today's chart you will see that we broke down the support zone around $4150 which held all day yesterday. Stochastics indicate that we are oversold but it does look like we might run below moving average for most of the day (below $4250). Expect us to test the old support zones around $3830 as the Bitcoin drama unfolds and people try to decide which is the "real Bitcoin". On one hand BCH has lower fees, but on the other hand...
Likely Scenarios:
- BTC continues to sell off testing the old support in the $3800-3850 zone
- BTC holds steady above $4000 as new investors keep it afloat with buy orders seeing this price as "cheap"
- BTC holds between the $4350-4000 zone with lots of volatility until it dips below $4K tonight
TLDR Version:
Bitcoin has been selling off today because of the BitcoinCash drama. Mining profitability is now higher for BCH than BTC so watch how things unfold later. Remember that FRIDAY IS PAYDAY so there will be money flowing like water this weekend. Expect depressed prices around $4K as Bitcoin struggles to maintain volume in the face of a changing market.
Price Target:
$4250
*Never invest more than you are willing to lose and always do your own research before making any investment decisions.
Please Remember To: 
Worried about where the bottom is?
https://steemit.com/bitcoin/@hotsauceislethal/when-the-correction-comes
Check out yesterday's forecast:
https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-price-forecast-8-17-2017
Feeling salty about missing the crypto boat?
https://steemit.com/bitcoin/@hotsauceislethal/how-to-conquer-fomo-fear-of-missing-out
Don't worry:
https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-s-hype-cycle-is-just-getting-started
Alt-coins to watch:
Good not to see the latest hypecoins NEO and IOTA, good selection
I would actually stock up heavily on NEO and IOTA if I were a long term investor. They have some fantastic potential. NEO will most definitely break $100 in the next year at the rate its moving. IOTA will break $5.
Will do as soon as I see the current bubble bottoming and more exchanges listing them
I have just claimed my bitcoin cash, and it's been doing well. Maybe they have better technology since they are newer?
I would just hold onto it for longer if I were you. My suspicion is that their is someone or a group of certain people trying to pump it to achieve their agenda and the price will balance out sooner or later around $500 or so.
i sold some at 750 and got the old man. lol
HEHEHE that might end up being the better move seeing as this 4K support level is holding so strong. We will be at $5K before you know it! I remember hitting $2K just like it was yesterday :)
went up almost 1000. hahaha. But was free coin , so still happy. I bought some bitcoin at around 2000 before fork, not sure why the price went down when they were offering free bitcoin cash, i recommended my cousins to buy too but they missed the boat :)
Good points in this article. I was about to post a similair post. The cryptospace definitely feels a bit inflated. However we also said that about the S&P 500 40 years ago This is quite an interesting website I found: https://www.coincheckup.com I'm really happy with this site that gives complete coin analysis for every single crypto. See: https://www.coincheckup.com/coins/Bitcoin#analysis To watch Bitcoin Detailed report