We officially survived the "Forkening" and Crypto markets are holding strong! Current MC: $92.98B and BTC dominance has shrunken to 48.2% today.
Shortly after the slight rally to $2900 last night there was a quick sell-off down to $2600's again which probably caused a small panic among new investors. The sell volumes were substantial as people cashed back out of crypto markets after getting their bonus Bitcoin Cash. As soon as the account snapshots were taken by different exchanges we saw a surge in altcoin markets with some jumping 10-15% almost instantly it seemed. I decided to just HODL my Bitcoin and see what today brings for alt-markets.
In today's chart you will see we are back in that rut around $2700 and struggling to pull out of there. It is going to take some serious volume to pop back up to $2850 where we can feel comfortable again. Investors are waiting on the sidelines to see what changes will develop over the coming days, if any. Once more confidence returns to the market then we could see a run up to $100B market cap again.
We are sitting right around that moving average at $2720 and just dipped slightly below it. If there is a lack of buyers we will see a drop back down to $2650 or so before finding some support. Resistance is set around $2780 for now. Expect to stay in the $2700-2800 range yet again for most of the day.
Likely Scenarios:
- BTC drops back down to $2650 before pulling back to around $2750
- BTC holds strong in the $2700-2800 range for the majority of the day
- BTC picks up volume and pulls all the way back to $2850+
TLDR Version:
The market is still in a state of confusion as there is too much going on for the average person to follow along. We could see the price of BTC drop slightly today as Alt-coins recover but expect some stability in the $2700 range for most of the day. Holding until we have more market certainty is always a good strategy.
Price Target:
$2750
*Never invest more than you are willing to lose and always do your own research before making any investment decisions.