Bitcoin Price Forecast 8/22/2017

hotsauceislethal (64)in #bitcoin • 7 years ago

Yesterday people got a little taste of Bitcoin's true nature. Current MC: $147.2B (+$2.6B) BTC dominance just below 46%

We saw a nice little correction yesterday as BTC dropped down to $3599 only to recover very quickly above $3700-3800. Alt-coin markets were quickly shaken down as the cryptosphere lost close to $10B in market cap in the quick sell offs. We have rebounded back plus some today with +$2.6B more floating around than we had yesterday. Bitcoin and all of its children are here to stay folks - the technology is too priceless.

In today's chart you will see that we found some nice volumes and support once investors sensed that Bitcoin prices were cheap (lol @ $3600). New or amateur investors were probably shaken out yesterday as they saw the value of their precious holdings fall, but seasoned veterans had cash on hand ready to buy up the discounted coins. Remember that this is all a game- Bitcoin price will always rise over time, that is how it was designed. We are currently overbought, however, as the high volumes and Stochastics indicate.

Likely Scenarios:

BTC drops back down to that $4K support zone and holds steady for part of the day
BTC drops back down to $3950 before the support pulls it back to the $4100 range
Volumes pick back up and prices pump towards $4250-4350 zone today

TLDR Version:
Yesterday there was an attempted shake-out but the market devoured all of the cheap sell orders. Watch for increased investor interest today as prices hold around $4K

Price Target:
$4150

Alt-coins To Watch:

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

#crypto-news #crypto #money #cryptocurrency

7 years ago in #bitcoin by hotsauceislethal (64)

$3.19

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gazur (54) 7 years ago (edited)

could it drop to 3880 and make a new high?¿?¿ xD
solid forecast. upvoted

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2 votes

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hotsauceislethal (64) 7 years ago

Very unlikely that we go to new highs within 24 hrs. We have a lot or resistance around $4150 which was an old support zone. Once we break past that we can approach all-time highs again. It's definitely around the corner but as far as support we have a nice cushion in that $3850-3950 range.

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1 vote

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gazur (54) 7 years ago

but dont you think that the unusual volume might continue? i mean 2000btc in a minute... i was stunned.... and the ammount of steps it made today before correcting. toughts?

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