I don't wanna say I told ya so but... Current Market Cap: $779.2B (+14.3B) Bitcoin Dominance 37.3% (+3.7%)
Sometimes there actually IS a pot of gold at the end of the rainbow, and if it's a double rainbow, there might just be TWO!
In the crypto game patience is a virtue. Sometimes you are rewarded in the form of free crypto-dividends, like we have seen with the Bitcoin forks. Other times it's in the form of insane growth and profits. Trying to time the markets in cryptocurrency can be a very tricky thing- especially for beginners. The best strategy often is to just BUY AND HOLD... I know it isn't very glamorous or exciting to sit on your hands while there is so much action going on around you, but your reward can be EXPONENTIALLY higher if given enough time.
The growth we have seen in the alt-coin markets has been absolutely unprecedented. From January 1st 2017 until December 21st 2017 we saw a MASSIVE growth of over $600B USD in market cap. Over the past two weeks alone we have grown an additional $150B...
Keep in mind that it took over 8 years for the market cap to reach $20B and at this rate we have been growing that amount every TWO DAYS.
Today I have used 4 different trading tools and indicators: Fibonacci Retracement, Bollinger Bands, Stochastics and MACD.
Fibonacci Retracement shows major support levels around $15,000 and $15,500 with possible retracement down to $14,300.
Bollinger Bands show we are way above the moving average around $16,000.
Stochastics indicate we are OVERBOUGHT and ready to fall back down at any moment.
MACD is indicating a bearish crossover is imminent.
Likely Scenarios:
- BTC continues to attempt to break past $17K and bounces between $15.5-16K
- We experience a drop in volumes pushing prices back down to the $16K support zone
- The high buy volumes continue to flood in bursting past the $17K resistance and attempting $18.5K
TLDR Version:
Bitcoin is getting its second wind after taking a good week to rest. Investors are cashing out some of their alt-coins to get back on the Bitcoin bandwagon as a result. Expect prices to remain bullish throughout the day as we bounce off the newly established support zone around $16-16.5K.
Price Target:
$18,495
Alt-Coins To Watch:
- Markets are super volatile right now invest with caution!
*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.)
