Bitcoin is still standing LIKE A BO$$! Current MC: $148.98B (+$1.78B)
The Bitcoin network is a bit laggy and fees have been going up as there are nearly 40,000 unconfirmed transactions in the mempool. Just to send BTC now it will cost several dollars so I always use an alt-coin such as LTC, ETH or another widely traded coin with shorter block times and much cheaper fees. According to some websites the hashrate has dropped nearly 50% in just a few days which in turn means slower transactions that also cost more to send! This is part of the reason why BTC prices have stagnated and alt-coins are getting their time to shine.
With BCH stealing BTC mining power the prices have taken a small hit. Increased profitability and brand confusion has led to a nice hype for BCH and its price has stabilized somewhat as more miners are hopping on board. Over the coming days we should see BTC regain some of that power back as mining difficulty will continue to adjust for BitcoinCash and profitability equalizes with Bitcoin.
In today's chart you will see jumped up to that previous support zone of $4250 which gave us a little resistance. It will be a test to see if we can break past that point and get back to $4350 today. New support zones are forming around the $4000-4100 range and if we stay stable again then alt-coins will see another surge as investors chase the thrill of faster highs from trading more volatile coins.
Likely Scenarios:
- BTC experiences more low volumes and more congestion- breaks down to the old support zone at $3950
- BTC holds above $4K today and we test that $4250 zone a few more times
- BTC bounces between $4050 and $4250 until we break past that resistance and head to $4350
TLDR Version:
BitcoinCash is still wreaking havoc on it's old man's game- Stealing his mining hashpower! Expect support to keep us around $4K today as we test that resistance zone at $4250
Price Target:
$4350
Alt-coins To Watch:
- LTC
- EOS
- XMR
- XRP
- NEO
- BTS
*Never invest more than you are willing to lose and always do your own research before making any investment decisions.
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