Bitcoin has fully rested and it's ready to go again! Current MC: $158.3B (-$1.67B) BTC dominance 45.9%
The Bitcoin network congestion is starting to clear up and the price is reflecting that. If you look at blockchain.info you can look at the unconfirmed transactions and just two days ago there were about 90,000 unconfirmed. Today there are under 20,000 unconfirmed transaction as the number of transactions per second has more than doubled. Before SegWit BTC was processing between 2.5-3 transactions per second. Right now we are processing around 8.7 transactions per second. This is nearly the speed of the current Ethereum network!
In today's chart you will see that we are getting really close to that all-time high of around $4490 as the network has gotten faster and more efficient. Bitcoin still has a long way to go this year before market confidence is restored as long transaction times and high fees have given BTC a black eye. Support is holding VERY strong above that $4250 zone and we are bouncing $4300-4350 today. I doubt any serious retracements will happen today as the confidence levels are returning with the price rise. Expect prices to hold until we get some nice volumes to push above that $4400 resistance level.
Likely Scenarios:
- BTC holds above $4250 and below $4400 for the majority of the day
- BTC stays above that $4300 range as we slowly creep up in price
- Volumes spike and we pop back to the $4450 zone and above!
TLDR Version:
Bitcoin bulls are back and ready to make another nice profit on these volatile markets. Once the network congestion is fully cleared expect nothing to stand in Bitcoin's way! Price will hold around $4300 zone today as we test new highs through the week.
Price Target:
$4430
Alt-coins To Watch:
- LTC
- XMR
- ZEC
- XRP
- BCH
- SNT
- EOS
*Never invest more than you are willing to lose and always do your own research before making any investment decisions.
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