Bitcoin Price Forecast 8/9/2017

The bulls have run out of steam and the bears are lurking around! Current MC: 121.3B

With Bitcoin dominance sitting at a healthy 45.5% right now we are still looking ok after a slight sell off last night and this morning. Bitcoin dropped down to $3235 from a high of $3483 as support levels were broken down. The market tested its old support levels at the $3250 zone and we will see if that holds up today. We could be looking at another day of profit taking as the market slowly contracts.

In today's chart you will see the failed breakout where we struggled to push past the $3400 mark again and the a massive flood of sell orders took us back to the $3200's again. Support stepped in pushing us back to the more comfortable $3300+ zone. We could still be looking at a series of sell offs as the market is still very inflated this week. We broke record highs multiple times without taking a break the last several days so a cool-off period is to be expected. If we break down the $3250 support levels we could be retracing back to $3100 or even $3000 levels.

Likely Scenarios:

• BTC drops back down to $3150 zone before pulling back to $3250-3350 range
• BTC drops down to $3250 and then pulls back to $3330-3350 range
• BTC holds between $3250 and $3400 today awaiting some more volume to push past record highs again

TLDR Version:
The bulls are taking a break as the bears step in to capitalize on the high prices. We might continue to see more sell offs as the day goes on as we are still in extremely high territories. If we can hold support above $3250 then we will stay between that and $3400 for the majority of the day.

Price Target:
$3230

Alt-coins To Watch Today:

• ETH
• BCH
• IOTA
• OMG

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

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