We are at a very important crossroad right now. Today's price action could determine the momentum for the next month.
Bitcoin will need to sustain prices above the $6-7K range in order to prevent another major breakdown in support levels. If we can continue to close above the $8K level it will signal more buyers entering the market, which could lead to another rally within a few weeks.
Current Market Cap: $413.96B (-$7.45B in two days) Bitcoin Dominance: 34.2%(-0.3%)
I am short on time so I have to do an express version of the forecast today :-D!
Today I'm using three different trading tools and indicators: Bollinger Bands, Stochastics and MACD.
Bollinger Bands show we are above the moving average around $8,200.
Stochastics indicate we are slightly overbought but have more room to move up.
MACD is showing a very bullish crossover at the zero line, first by the fast moving average and if the slow moving average follows we are in for a nice rally!
TLDR VERSION (no scenarios today):
Market confidence is slowly returning to the space but investors are still wary of impending regulation and a still bloated Bitcoin price. Expect the support zone to hold up in the high $7K range, $7,800 specifically. Resistance in the $8,300-$8,500 zone for the majority of the day.
Price Target
$ 8,900
Check Out My Last Bitcoin Post:
https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-price-forecast-2-9-2018
Feeling Salty About Missing The Crypto Boat?
https://steemit.com/bitcoin/@hotsauceislethal/how-to-conquer-fomo-fear-of-missing-out
Don't Worry:
https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-s-hype-cycle-is-finally-here
Fantastic Documentary About Relevant STUFF! (MUST WATCH!!!)
https://steemit.com/cryptocurrency/@avii/mind-over-money-documentary
Like Bitcoin But Want To Avoid The Fees?
https://steemit.com/bitcoin/@hotsauceislethal/save-money-when-sending-crypto
Pay No Transaction Fee From Coinbase!!!
https://steemit.com/bitcoin/@hotsauceislethal/no-transaction-fee-bitcoin-trick-using-coinbase
Need A Good Laugh?
https://steemit.com/bitcoin/@hotsauceislethal/what-kind-of-crypto-trader-are-you
*Never invest more than you are willing to lose and always do your own research before making any investment decisions.
(All pictures are free domain images from snappygoat.com or created by myself.)
