Was that the bottom or simply a trap for the next leg down? Current MC: $152.63B (+$0.835B) BTC Dominance 47.5%
There was an attempted shake-out of the crypto markets over the past few days as we dipped down below $135B market cap. There was a lot of panic selling as people reconsidered their positions and started to move funds around rapidly. Bitcoin dropped down to $3900 as investors dumped what they could before the price continued to fall. The market quickly snapped back up overnight and this morning we are looking at a slight gain since yesterday in overall MC.
In today's chart you will see that we broke down all of the support levels established over the past week and hit $3900 before investors stepped in to save the Bitcoin markets. Right now we are well above the moving average and Stochastics indicate that we are Overbought. Expect a drop back down to the $4200 zone before we can bounce back up again.
Likely Scenarios:
- BTC drops down to $4200 before going back to the $4350-4400 zone
- BTC continues to show strength and jumps to the $4450-4550 range with increased volumes
- We see another huge wave of sell orders and we pull back to that $3950-4150 support level again
TLDR Version:
Bitcoin has shown its ugly side again and scared away the noobs. Great time to snap up those cheap coins you've always wanted. Expect prices to hover around $4350-4450 for a bit before we get more price action to push us higher.
Price Target:
$4560
Alt-coins To Watch:
ALL OF THEM :)
But seriously buy some cheap coins before they go back up
*Never invest more than you are willing to lose and always do your own research before making any investment decisions.
