Bitcoin Price Forecast 8/6/2017
GOOD AFTERNOON STEEMIT :) Current MC: $113B and approaching all time highs!
I have a feeling that this week is going to be a very pivotal one for Bitcoin as we see how BCH performs on the market and how new SEC regulations will play into upcoming ICOs. As for now we are seeing some very healthy growth with the market cap approaching all time highs of $116B although it was through a sneaky little manipulation of the numbers. If you look closely you will notice that Bitcoin Cash had a very substantial market cap that has slowly been cannibalized by the other altcoins around it. BCH is standing at number 4 on the overall MC list and is only at $3.3B and falling.
In today's chart you will see that we have experience a drop off in volumes which allowed the bears to come in for a quick profit taking session. The bulls quickly stepped in after having their morning coffee and pushed the price back up to $3310 only to recover back around the $3250 range. We are going to see several re-tests of support and resistance zones today as the market is heating up with renewed investor confidence. $3300 is where the resistance is set up and $3150 is the major support zone for now. All we need is a pick up in volume to send us to record highs again.
Likely Scenarios:
- BTC goes up to $3300+ range then falls back to $3200-3250
- BTC holds between $3150- 3300 for most of the day but picks up volume overnight
- BTC picks up the much needed volume and continues to push all time highs
TLDR Version:
We are again in bull territory although now the bulls are much more cautious. They are tiptoeing into this now rather than going full steam ahead... Prices are holding between $3150-3300 with a mostly upward trend today. We could see record highs again and spike big time. Serious support holding at $3150-3250 so pick up cheap BTC while you can.
Price Target:
$3390
Alt-Coins To Watch:
- NEO
- XRP
- IOTA
- SAN (Santiment on Bitfinex)
*Never invest more than you are willing to lose and always do your own research before making any investment decisions
HAPPY TRADING :)
@hotsauceislethal got you a $1.89 @minnowbooster upgoat, nice! (Image: pixabay.com)
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Excellent report @hotsauceislethal ! Thanks for sharing. Will be following you for more of this !!!
Resteemed and upvoted
Thank you very much sir :) I have been trying to do at least one post and one forecast per day if I have time. Been working really late and getting up early.
It's tough to find enough hours in the day, but your analysis is great so hopefully you'll start seeing plenty of steem$$$s rolling in.
As always please remember to follow, upvote and leave a comment down below :)
Here is yesterday's forecast: https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-price-forecast-8-5-2017
Feeling salty about missing the crypto boat? https://steemit.com/bitcoin/@hotsauceislethal/how-to-conquer-fomo-fear-of-missing-out
Highly recommend everyone new to crypto reads your FOMO article! Nice work.
Yeah FOMO is something that takes a long time to overcome. People that are new to this space have no idea what they are getting themselves into :) I have been crypto trading for years now and have made every mistake there is to make when I first started out.
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