Good news is in the air again as the market has regained some confidence today! Current MC: $89.6B and steadily increasing.
Today we are seeing some upward movement as some investor cash is returning to the crypto market. Initially the fears of a potential coin split for Bitcoin set the market into a downward trend YET AGAIN. With some exchanges supporting the split and others deciding to avoid it altogether there are definitely some mixed signals for investors. The good sentiments seem to be outweighing the bad however as we are seeing a small rally this afternoon. Bitfinex even released a statement today saying they will support the split and issue "BCH" coins for every BTC held.
Looking at the Fibonacci Retracement from the high on the July 21st down to the low on the July 26th we have made a 50% retracement. We could be seeing a tug-o-war between buyers in sellers to set the new support levels for the rest of the day. $2650 was the old support level so it could represent the new resistance level for today. If we break past that we will definitely see movement towards $2720 or higher. I see temporary support holding in the $2550-$2600 range for now.
Likely Scenarios:
- BTC hold steady in $2600-$2700 range for most of the day
- BTC drops back to $2500 zone settling in around $2550
- BTC continues with some momentum and returns to $2750 (just above the golden ratio of 0.618, blue arrow)
TLDR Version:
Investors realize that this may be a good opportunity to make a few bucks while Bitcoin is splitting and they have decided to pick up more as a result. Prices will hold strong today and may even jump up another $100. Expect to hold around $2550-$2650 for the majority of the day
Price Target:
$2750
Yes I think don`t panic and hold is the most profitable strategy :-)
Yep, throw caution to the wind, and spend like a millionaire!
AS ALWAYS REMEMBER TO FOLLOW, UPVOTE AND LEAVE A COMMENT DOWN BELOW.
*NEVER INVEST MORE THAN YOU ARE WILLING TO LOSE AND ALWAYS DO YOUR OWN RESEARCH BEFORE MAKING ANY INVESTMENT DECISIONS.
Check out my last BTC price forecast: https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-price-forecast-7-26-2017
Interesting analysis....where do you see the bitcoin price at the end of the year?
Depends on the institutional investors that are now entering the field. I originally saw BTC dropping down to $1000 by next summer only to pop back up to 10K by 2020. I think BTC could be 4-5K by the end of the year at this rate.
I agree, it could be $5k by the end of the year too
@hotsauceislethal got you a $0.92 @minnowbooster upgoat, nice! (Image: pixabay.com)
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