Bitcoin Price Forecast 9/5/2017

in #bitcoin • 7 years ago

Was that the bottom or simply a trap for the next leg down? Current MC: $152.63B (+$0.835B) BTC Dominance 47.5%

Forecast09052017.jpg

There was an attempted shake-out of the crypto markets over the past few days as we dipped down below $135B market cap. There was a lot of panic selling as people reconsidered their positions and started to move funds around rapidly. Bitcoin dropped down to $3900 as investors dumped what they could before the price continued to fall. The market quickly snapped back up overnight and this morning we are looking at a slight gain since yesterday in overall MC.

BTCforecast09052017.jpg

In today's chart you will see that we broke down all of the support levels established over the past week and hit $3900 before investors stepped in to save the Bitcoin markets. Right now we are well above the moving average and Stochastics indicate that we are Overbought. Expect a drop back down to the $4200 zone before we can bounce back up again.

Likely Scenarios:

  • BTC drops down to $4200 before going back to the $4350-4400 zone
  • BTC continues to show strength and jumps to the $4450-4550 range with increased volumes
  • We see another huge wave of sell orders and we pull back to that $3950-4150 support level again

TLDR Version:
Bitcoin has shown its ugly side again and scared away the noobs. Great time to snap up those cheap coins you've always wanted. Expect prices to hover around $4350-4450 for a bit before we get more price action to push us higher.

Price Target:
$4560

Alt-coins To Watch:
ALL OF THEM :)
But seriously buy some cheap coins before they go back up

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

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#crypto-news #crypto #money #cryptocurrency
7 years ago in #bitcoin by
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     7 years ago 

    Your likely scenarios for price include:

    • it goes up a bunch
    • it stays flat
    • it goes down a bunch

    I'd have to say your scenario is 100% correct.

    The price will do one of the three things you predicted as a 100% guarantee.

    But so what ...... ?

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     7 years ago 

    The point is I give RANGES. You want to know what is possible... Bitcoin is not going to drop to $3K or jump up to $5K overnight. Also a lot of times my scenarios overlap.

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     7 years ago 

    Time for discount shopping is up i guess

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     7 years ago 

    I did all of my bargain hunting last night :-D Got in on EOS at 78 cents and again at 80 cents. I think it will go back up to the $1.50-2 range in no time :D

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     7 years ago 

    i got some too around 80 cents, just looked too cheap. The gains would be massive when they just go back to normal prices

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     7 years ago 

    is there any chain of investors for a serious project outside that ico organizing coyottes?

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     7 years ago 

    Serious investors are waiting for more regulation and more certainty in the crypto markets. There will always be money to be made in crypto that is the beauty of it :)

    This ICO hype had to come to an end eventually. If that was the full effect of the China ban then we are smooth sailing for a little while. It wasn't pretty but we might have escaped our second largest correction since the $3K to $1,800 drop.

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     7 years ago 

    i think it has dropped to 1600 for some minutes , anyways the fact is that in 1000 icos only 1 is worth it. i am new to crypto just 3 months but i see almost everything is unorganized and the coding of icos is a joke. I welcome any regulation as far as it will put real value on market.

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     7 years ago 

    As soon as people realized that anyone who puts together a white paper and a scraggly looking team of coders, "advisors" and developers can get MILLIONS of dollars virtually overnight the whole market went bonkers. People get in with a discount and dump as soon as the coin hits the market.
    The end result will be a BUNCH of people who got ripped off by bogus teams performing terribly. The majority of people are buying into the hype. I have not bought a single ICO token yet. I do however get ERC-20 tokens second hand through exchanges.

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     7 years ago 

    i assume its cheaper to get the tokens though exchanges than to take part in an ICO .
    the problem is that there are serious efforts that are put aside in order some "known in community" people to take that money and run. I have spoted ICOs without even a whitepaper. Although in my team we have a pioneer in IT that was working in a lab even before spectrum was invented we cant find the proper community connections. This situation is tragic.

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