BTC is coiled like a spring and ready to explode! Current MC= $94B and BTC dominance is sitting at 48%.
In today's graph you might notice that I inverted the Fibonacci Retracement that I normally use (to calculate falling price retracement) so I could measure the rising price because we are most definitely in a bull market still. Yesterday I predicted that BTC price could drop down to 2650 or 2700 range but would stabilize out around 2750. We held strong in those ranges for most of the day, only briefly dipping down to the low 2600 range before snapping back up.
As of right now there are some serious buy orders in place forming three major walls of support for BTC price at 2755, 2750 and 2740 on Bitfinex: 
As you can see those buy orders DWARF the sell orders currently. This is a good sign of support which means we most likely won't see a fall below that $2755 mark until that buy wall is dissolved. I think that BTC price will have no problem testing 2800 or even 2850 today. If we can pick up more volume like we did on the July 20th then we should have no issue blowing right past the $3,000 mark. I didn't include the resistance line today but I did put in the support line (light blue bar) which should hold for quite some time.
Likely Scenarios:
- BTC hits 2800 before pulling back to 2750 again
- BTC picks up some more volume and breaks past $2900
- BTC holds steady in the $2755-2850 range for one more day before making that leap to $3000
TLDR Version:
Bitcoin remains very bullish and will continue throughout the weekend no doubt. I don't foresee any downward movement at this time but keep an eye out for any major sell orders that will break down the support! Price should break $2800-2850 mark very easily and find its solid base of support at $2755. When prices start to climb they will do so VERY rapidly so be ready for the next pop in trading volume :)
Price Target:
$2920
*Never invest more than you are willing to lose and always do your own research before making any investment decisions.
Very good!!! Thanks
Congratulations @hotsauceislethal! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPToday i came to the same conclusion. I think it is too bullish to go down even that the volume is decreasing . Does anyone have an idea what will happen before 1 August? Some exchanges are saying that they will suspend the deposits and withdrawals. That will affect the price a lot.
I think that was their statement before bip 91 locked in
yep been good day check out my blog please thanks https://steemit.com/crypto/@twigg/800usd-coin-portfolio-update-1-18-hours-in-good-day-to-you-steem
wow ... that is truely an interesting analysis... havent seen that ... i think you might be right. Low volume are always a sign for a major price action move.
with the bullish news in background I also think its almost sure that it will be a bullish breakout to 3000. like you said.
The move up this week looked like a "classic" pump and dump by the manipulators controlling teh daily price movements in bitcoin. The news of segwit gaining popularity over a hard fork was just the catalyst the money runners needed to get new buyers interested after a previous week of high volume selling and low volume buying. The live bitcoin ticker tells the tale pretty clearly. Look at the massive selling volume on the 3 day bitcoin ticker at the highs. Even the current rally back up through $2800 is being sold.
http://bitcointicker.co
My "theory" is that the bitcoin price will collapse along with the stock market bubble that is grounded in Silly Con Valley, Cali...and that collapse might begin as early as this week. I will continue to outline ways to benefit at my blog. Stop by periodically and let me know how I am doing. :-)
Many experts have been saying over and over be prepared for the next economic collapse and what better way than to invest in cryptos and precious metals?
You forgot to add >>> "...of course since many of the billionaires who gained their wealth via the stock market bubble are now beginning to put their "free" money into the crypto space, one must be cautious that if the bubble in the Silly Con Valley, Cali stocks implodes...so might the money plowing into cryptocurrencies."
If it does cross the $3K line I believe it could hit $3,100 before pulling back a little bit. If we don't breach the old high then we are going to retrace to $2800-$2850 before setting up for the next attempt
good analysis with price action
upvoted
Thank you sir :) Glad you came to check it out. I try very hard on these forecasts
Check out yesterday's forecast here: https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-price-forecast-7-21-17
AS ALWAYS REMEMBER TO FOLLOW, UPVOTE, AND LEAVE A COMMENT :-D
Price just hit 2917 thirty minutes ago and then dropped back down... I was only $3 off from my target hehe
Good article. Thanks for bringing this to our attention. The price of a coin should depend on the quality of the product, the team behind it, if proffesional investors believe in it, and a lot more facets. I found this great website: https://www.coincheckup.com This site is really helpful in my coin research. I don't know any other sites with so much indepth analysis. Check: https://www.coincheckup.com/coins/Bitcoin#analysis To check Bitcoin Report.