It's always darkest before the dawn. Current Market Cap: $708.82B ($+31.78B in one day) Bitcoin Dominance: 33.4%(-0.6%)
The sweet sight of green today pretty much across the board signals that we have finally stopped the bleeding. As the South Korea FUD is cleared up this morning we should see the alt-coin rally continue to gain momentum. Investors were sheepishly waiting for the prices to bottom out before re-entering the depressed markets yesterday- today may be their chance to get back in there to ride the wave back up.
Remember that cryptocurrencies are here to stay whether the banks and governments like it or not.
Today I used three indicators and trading tools: Bollinger Bands, Stochastics and MACD.
Bollinger Bands indicate that we are above the moving average around $13,550.
Stochastics show that we are OVERBOUGHT and could fall back at any time.
MACD is showing an imminent bullish crossover at the zero line.
Likely Scenarios:
- BTC hits the ceiling around $14K losing momentum and falls back to the $13K-13.5K zone
- BTC continues to break through resistance at $14K and pushes back towards $14.5-15K by this evening
- A massive surge of buy volumes breaks past the resistance and we close above $14.5K to set a new bullish sentiment
TLDR Version:
Bitcoin has regained some of its legs and is now trying to walk back up those stairs. It will require much higher buy volumes to break past the resistance in the $14K zone but once it does it will be making moves back towards $15.5K-16.5K.
Price Target:
$15,750
Alt-Coins To Watch:
- ETH
- XRP
- LTC
- EOS
- NEO
- LISK
- BTS
- QSP
- (AND MANY MORE)
*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.)
