Bitcoin Price Forecast PLUS BITCOINCASH BONUS FORECAST 8/3/2017

Crypto-game STRONG today! Current MC: $101.5B and staying steady :)

Today I decided to do a bonus price forecast for BitcoinCash (BCH) or as some people have started calling it Bcash. Let's first take a look at Bitcoin which is doing quite well and looking like it's gaining some momentum. The forecast is looking rather bullish as people have begun to access their BCH and sell it for the preferred gold standard BTC. Part of the problem is that BCH blocks were taking entirely too long, most likely due to manipulation of hashing rates by miners to slow the market from dumping. The longer blocks end up taking the slower the transactions can confirm and most exchanges require extra confirmations before allowing trading.

In today's chart you'll see that we are in an upward trending channel. The price is bouncing off of the moving average (red line in middle) and is looking to hold strong. The old resistance around $2750 is becoming the new support today. We should see prices above $2700 for most of the day. Other altcoins are also enjoying some gains with OMG topping out at +50% today and IOTA up around 20% as well. This is a good sign that healthy trading is returning to the markets so it might be a good time to snap up some of those coins that have consolidated (flat-lined).

Likely Scenarios:

• BTC continues this upward trending channel to $2900 range by the end of the day
• BTC bounces back down to $2750 only to continue it growth toward $2850
• BTC holds steady around $2720-2770 zone for most of the day

TLDR Version:
Bitcoin is taking gains from people cashing out their free BitcoinCash tokens today. Some exchanges and wallets are open and trading BitcoinCash. Bitfinex, for example, opened up new markets for its traders yesterday. The flood of cold-stored coins is going to put downward pressure on BCH which will be good for BTC markets. Expect prices to hold strong above $2700 today :)

Price Target:
$2850

*** BONUS BITCOINCASH FORECAST ***

Today BitcoinCash is taking a huge hit as people decide to dump on the markets. Current MC: $6.6B (for BCH only)

Almost immediately after allowing trading and funding exchanges began to see the prices plummet today for the newly created BitcoinCash. Many people are scared that the whales will dump their cold-stored coins and they are probably correct. We have seen a failed breakout and almost no support levels for BCH as the price is set in a downward trending channel. If we can break out above that top line on the channel then it may have some chance at recovery.

In the chart you will see a failed breakout and a large series of dump orders that followed as people gained access to their coins from hardware wallets and other cold storages. The floor seems to be set around $300 as investors have shown some support in that range. It will be a test to see if it can break past $350 today or not. If it cannot then we will see it go below $300 today for sure.

Likely Scenarios:

• BCH continues to dump and we see prices drop below $300
• BCH holds a little support around $300 but continues to see a slow sell off over the next few days
• BCH picks back up a little volume due to trading and hype and sees +$400 levels again

TLDR Version:
The markets for BCH are dumping as nobody wants to be caught holding the heaviest bag. Expect slight support around $300 but don't expect the price to rally too much above $350 today as there is too much selling pressure. It would be a small miracle to see prices above $450 again.

Target price:
$280

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