Starting with the fundamentals we can see a huge drive behind the current prices caused by the upcoming Segwit2X fork (15th-16th November). The fork will airdrop S2X coins worth around $1000+ at the moment. This is a tasty bait for everyone who knows about it. Then the CME Group made the announcement of the year stating that they are planning to launch BTC futures contracts by the end of the year. This means the beginning of mass adoption and will very likely open the floodgates of money.
BTC is already in a parabolic trend and propelled by the recent events. The Fib levels have been working out nicely to predict supports and resistances so keep an eye on them. It would be nice to grab some cheaper coins after a minor correction after the S2X fork around the Ichimoku cloud levels. Then in December we can expect another run for 10k once the CME opens the futures to the public. It will also be around the Christmas season so we may see a maniacal bull run in a vertical direction (it's gonna get Jenga-risky).
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Then again, I wouldn't be surprised if we only reached the ~$7400 and didn't get all the way up to ~$8200. Believe it or not, last Sunday I had a dream that Bitcoin went up to $7400. Could it be the top? We're gonna see, it seems that it touched this level on some exchanges and may go higher. Either way, the $6180 support looks solid to me.
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Another actual thing that we may need to take into account is the fact that the Segwit2x fork doesn't have a replay protection implemented, meaning that the original chain and the S2X chain may become entangled and cross-fuck each other up. Some investors seem to be switching to BCC for this reason. At the moment 84,9% of blocks are signalling S2X support. What a crazy period.
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BTW notice how the CME Groups stock price wen't up today. They're gonna swell in December.
Great RR on BCH at the moment too (after we find out if there is more correction). Also, thanks for your info, its great!
what will happen if the fudamentals of the fork change? there is a lot of risk right now, too much for me. Also, we all know what happened at 5, and 3, and 2, and 1, so be careful everyone.
AdrianZen
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@cycler, I'm expecting the same thing. A rapid dump. I'm also expecting that thanks to this chaos BCH may swell.
cycler
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Lol last night I dreamed of a guy opening a tab at 7800 and pressing on a button to cause a fast crash.
That $7400 level seems to be an actual resistance.
cycler
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@AdrianZieniewicz, on bittrex it hit 7400 exactly, nice DA. too high for me right now, I've got to relax so I'm out for now.
bk777
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Your dream was exactly 7400 ?? if not, invalid :P
AdrianZen
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@bk777, $7400 huge golden numbers on a cloud hahaha and a few hours later we had a breakthrough.
darobsta
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Nice. One thing I am watching is fork-fizzle. Support seems to be trickling away, it's slow at the moment but could drop away quicker a matter of days away from the fork - effectively calling it off. So, if the price is anyway near the top of the 2017 channel at that point in time it could crash earlier than expected.
AdrianZen
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@darobsta, Before the BTC Gold fork we also topped earlier and struggled to keep it up so you may be right but in that situation it was already known that the BTC Gold project wasn't even ready (lack of replay protection) and it had dropped drastically effectively cooling off the moods.
what will happen if the fudamentals of the fork change? there is a lot of risk right now, too much for me. Also, we all know what happened at 5, and 3, and 2, and 1, so be careful everyone.