Bitcoin Price Forecast 8/19/2017

Every new industry experiences growing pains and crypto is no exception. Current MC: $144.7B (+$3.4B) BTC dominance down to 47%!

Over the past week we have seen Bitcoin's meteoric rise to all-time highs trading at over $4500 on some exchanges. We have seen a slight sell-off as investors do some profit taking. Amateur and recreational investors are loving the $4K price point as we have seen some nice support around $3900-3950 zone. Institutional investors are waiting for the price to come way down before they pump some more money into Bitcoin. Meanwhile the Bitcoin Cash markets are still raging hitting a high of $972 on Bitfinex and draining Bitcoin and other alt-coins of market cap.

In today's chart you will see that we have been in a downward trend which dropped us down to previous support levels below $4000. A small pop in volumes pushed us back above the moving average but we are still looking at another possible red day for Bitcoin as money floods into Bitcoin Cash and Bitcoin loses its market dominance. I think that Bitcoin ran too hot for too long and now the depressed alt-coin markets will have their turn. Prices should hover around $4,000 today ranging in the $3950-4150 zone until we get more volumes to push back to the $4250-4450 zone again.

Likely Scenarios:

• BTC faces more losses as money moves into alt-coins dropping it back below $4,000
• BTC holds hovers around $4K again as it struggles to hold onto market cap
• BTC picks up much needed volumes again and starts to ride above the moving average landing us +$4250 zone

TLDR Version:
Bitcoin has been facing more uncertainty as its profitability slips behind BitcoinCash's. It is currently 55% more profitable to mine BCH than BTC. This will put tremendous pressure on the over inflated price which should drop us down a little more in market cap over the coming days. Expect prices to hover around $4K today until we get more developments. We may be in the beginning of that market reversal to a bear market.

Price Target:
$4,250

Alt-coins To Watch:

• XRP
• BTS
• STEEM
• SC
• DASH
• BCH

*Never invest more than you are willing to lose and always do your own research before making any investment decisions.

Please Remember To:

How low can we go?
https://steemit.com/bitcoin/@hotsauceislethal/when-the-correction-comes