Currently, we are seeing BTC test the $6000 resistance which was attempted and rejected earlier this week. The upcoming Segwit2x fork is definitely in play here as we are a little over two weeks away from the 494784 block being mined (fork block). Current projections have that happening as of 10/16/17 (Thursday, November 16, 2017, 5:53 AM - per respective reference link provided below). It is without question that the futures prices for the B2X tokens are also at play here since the forecast value (according to coinmarketcap) have these around $1000 per token.
Notwithstanding all that, from a technical perspective, BTC is in a clear uptrend channel, which at a minimum is set to test the previous ATH' with coinciding resistance around $6200, further resistance ahead is found at $6400. Below that, major support levels are found at $5700, $5400, $5000, and $4650. I expect we have a re-test of the previous all time high in the upcoming period, and given the momentum prior to the upcoming fork, it will not surprise us to see at least a minimal test of the $6400 region.
Keep in mind the channel formation as we could also see a corrective regression from the top end of the channel (if we get there) back towards the middle of the channel. Trend lines remain clear. Thanks for reading.
All comments and questions welcome below!
References:
bitcoinmagazine.com/...-list-segwit2x-coin/
bashco.github.io/2x_Countdown/
coinmarketcap.com/currencies/segwit2x/
Notwithstanding all that, from a technical perspective, BTC is in a clear uptrend channel, which at a minimum is set to test the previous ATH' with coinciding resistance around $6200, further resistance ahead is found at $6400. Below that, major support levels are found at $5700, $5400, $5000, and $4650. I expect we have a re-test of the previous all time high in the upcoming period, and given the momentum prior to the upcoming fork, it will not surprise us to see at least a minimal test of the $6400 region.
Keep in mind the channel formation as we could also see a corrective regression from the top end of the channel (if we get there) back towards the middle of the channel. Trend lines remain clear. Thanks for reading.
All comments and questions welcome below!
References:
bitcoinmagazine.com/...-list-segwit2x-coin/
bashco.github.io/2x_Countdown/
coinmarketcap.com/currencies/segwit2x/
Comment:
With almost 2 weeks until the Segwit2x fork still left, and given the momentum we have seen play out these days, it will not surprise me to see us cross $7000. Albeit, there is a strong psychological resistance at that level. However, if we are able to cross that, and given the speed of the crypto markets, it would not surprise us to see us aim for $8000 in the event we cross the aforementioned level with force. It is more and more apparent that the market is telling us - no correction prior to Segwit2x - unless that somehow gets derailed in the process leading up to the event.