Bitcoin Price Forecast 9/15/2017

Newton would have been a fantastic crypto trader! Current MC: $125.6B (+$9.8B) Bitcoin Dominance 48.5%!

Any good crypto trader knows that what goes up must come down. Sometimes what goes down must come back up!

Bitcoin prices staged a nice recovery after a massive dip to the $3K zone early this morning. On Bitfinex Bitcoin prices went as low as $2980. Then Bitcoin quickly rebounded to a price of $3809 in a matter of hours, settling in just below $3750 now.

The market cap went as low as $97.5B last night!!! Since all prices are measured in Bitcoin price, any fluctuation will massively affect the overall market cap. Still this represents a 45% loss in overall market cap and a 40% loss in Bitcoin price in a matter of only TWO WEEKS! Are we staging for the next rally? Is this where institutional investors are going to finally step in with the millions that we know are waiting on the sidelines?

(Source: https://coinmarketcap.com/charts/)

China can try to ban Bitcoin all they want, the demand is still there internationally and Bitcoin will never go away. Even if they DID ban Bitcoin in China there are many ways around a ban now with VPNs (Virtual Private Networks) and even a Bitcoin satellite now in space that you can send transactions to via SMS. Not even the Great Firewall of China can stop Bitcoin!

In today's chart you will see that Bitcoin prices FINALLY bottomed out around $3K before investors showed enough interest in picking up more. A 40% loss in price is a significant discount and anyone who wanted to invest in the $4K range most certainly would invest at $3K and up.

We should be looking to form new support zones around $3600 and the resistance is somewhere around $3800-3900. If we can break past that $3900 barrier point then we are looking to top $4150 after that. The resistance and support ranges are much wider in the $3K zone than in the previous $4K zone. Expect a lot of volatility today as the market determines fair value for Bitcoin amid uncertain times. Stochastics indicate that we are slightly overbought in the $3700 range and due for a drop to the moving average around $3550 or below.

Likely Scenarios:

• BTC takes a hit on increased Chinese crackdowns on exchanges and we see $3100-3300 tested again
• BTC maintains international support and we only drop as low as $3450 and continue to rally upwards
• BTC prices negate all of the bad news and continue to hold strong in mid $3500 range attempting $3900 by tonight

TLDR Version:
There will be a LOT of volatility today so keep an eye on key support levels of $3000, $3300 and $3600. A break out past $3750 will signal a rally back to $3850-3950 again. Alt-coin markets remain fragile today but still profitable.

Price Target:
$3830

*Never invest more than you are willing to lose and always do your own research before making any investment decisions.
(All pictures without sources are free domain images from snappygoat.com or created by myself.)