Buckle your seatbelts we are preparing for takeoff! Current MC: $144.25B (+$8B) Bitcoin Dominance 47.8%
It's always nice to wake up to some profits :-D I have been strategically buying for the past three weeks and expanding my positions. Any amount of growth or loss in Bitcoin is magnified in the alt-coin markets as many of us know. Today that has worked in our favor as the market sees an $8,000,000,000 market cap growth overnight.
With dozens of coins hitting double digit growth in 24 hours the market is just booming! Only 12 out of the top 100 coins are in the red (including Tether) and only one of those in double digit loss territory (KNC). Today and tomorrow there will be some profit taking as per usual so don't expect these prices to hold for too long. After three weeks of waiting for a market reversal we are finally back in that bullish sentiment again.
In today's chart you will see that we experienced that pop in volumes that I was anticipating could happen. The price went all the way to $4203 before settling in the high $4100 range. Support levels are building higher and we could see a further push towards the mid $4K zone yet again. Stochastics indicate that we are highly overbought and the moving average is around $4020 right now. Resistance is set around $4200 in the short term and will take large volumes to break past.
Likely Scenarios:
- BTC drops back down to $3900-3950 before going up higher
- BTC holds above that new $4K support zone and bounces off the $4200 resistance
- BTC breaks the resistance upon a surge in volumes and we see $4350-4500 price by tomorrow
TLDR Version:
Investors that have been waiting on the sidelines are finally brave enough to enter the market after seeing it bottom out then recover. Prices have SUPER strong support in the upper $3K zone and new support is forming around $4000-4100. Expect another day of profits as the bulls are back in town!
Price Target:
$4350
Alt-coins To Watch:
- ETH
- BCH
- LTC
- XMR
- LISK
- ARK
- SNT
- BQX
Alt-coins Pumping:
- WTC
- BNB
- ADX
- GNO
- ZEC
- NEO
- NAV
- TNT
- GXS
Alt-coins Dumping:
- KNC
- MGO
- IOC
- BLOCK
- PPT
*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.)
