Bitcoin Price Forecast and Where the Market Will Go

in bitcoin •  4 months ago

There are two safe bets in the cryptocurrency world. Bitcoin and Ethereum. Period. I am not implying that you should not invest in any other coin, I am strictly saying that these two coins have been proven and can give insight into the direction of the market.

Screen Shot 2018-07-01 at 3.38.50 PM.png

Between BTC and ETH, BTC is my pick right now. If you look at the ETH/BTC chart above, you see that ETH has plenty of room to drop against BTC. Until the green support is tested again, I would not recommend ETH over BTC.

Screen Shot 2018-07-01 at 3.46.52 PM.png

Bitcoin has a bullish divergence and was heavily oversold a little under a week ago. At the same time this occurred, the horizontal and diagonal supports intersected giving a strong buy signal. If you are new to technical analysis, a buy signal DOES NOT mean the price will definitely go up, it simply means the likely hood of price increase is high according to the analyst.

Screen Shot 2018-07-01 at 3.47.11 PM.png

BTC will see little resistance until 6800. That resistance is both on the horizontal and diagonal and should prove to be strong.

Screen Shot 2018-07-01 at 3.52.03 PM.png

If we break through that, the next resistance would be the old support line. If that line is broken, we can safely assume a bull market. Until then, play the game with caution and keep a close eye on your trades.

Cheers!

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

Congratulations @mrstatefarm! You have completed the following achievement on Steemit and have been rewarded with new badge(s) :

Award for the number of comments

Click on the badge to view your Board of Honor.
If you no longer want to receive notifications, reply to this comment with the word STOP

Do not miss the last post from @steemitboard:
SteemitBoard World Cup Contest - Russia vs Croatia


Participate in the SteemitBoard World Cup Contest!
Collect World Cup badges and win free SBD
Support the Gold Sponsors of the contest: @good-karma and @lukestokes


Do you like SteemitBoard's project? Then Vote for its witness and get one more award!