GOOD AFTERNOON STEEMIT :) Current MC: $101.3B as BTC dominance slowly builds to 46.5%
Bitcoin is holding strong in the face of adversity and uncertainty. The community has rallied and shown interest in preserving Bitcoin's legacy and they have also shown interest in FREE MONEY :P There are a few people still HODLing their BitcoinCash but the majority of small investors probably sold off by now if they could. As the price has fallen tremendously over the past couple of days I expect the price to continue to drop as more cold-stored coins hit the market. This will put some more $$ into the main Bitcoin as well as other altcoin markets which we should see over the coming days.
In today's chart you will see that Bitcoin tested its 24hr high twice and now we are beginning to lose a little bit of steam according to the Stochastics graph (bottom purple graph). This should not be a problem however as investors have shown a lot of support around the $2750 range. The influx of free money from BitcoinCash will also help keep the price afloat as more people will continue to panic sell the BCH as the price plummets. I expect another re-test of that $2875 mark and if we break above that we might be headed right to $2950 or beyond.
Likely Scenarios:
TLDR Version:
Expect Bitcoin to hold strong today as support levels keep moving up. BTC dominance is growing which is a great indicator of overall strength and health. We will hold strong in the $2750-2850 range for most of the day.
Price Target:
$2930
*Never invest more than you are willing to lose and always do your own research before making any investment decisions.
