Bitcoin Price Forecast and Where the Market Will Go

in bitcoin •  8 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.


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