Just as quickly as bitcoin hit a new all-time high, it has come crumbling down over the past few days. While the recent bubble was an extremely volatile but profitable period, the hardfork of Bitcoin Gold effectively pulled the momentum from under bitcoin markets. As bitcoin gold buyers left the ecosystem, prices did dip briefly to the $5400 level but with the Segwit hardfork around the corner prices have picked up as currently the average remains at $5900.
As seen on the graphs below, markets have rebounded nicely from the $5400 low heading towards the $6148 high seen earlier this month to complete a double top pattern.
News isn’t looking too god for bitcoin gold holders as the currency has crashed dramatically over the past day. Losing more than 60% of its value just after the hardfork, it was clear that many purchased bitcoin with the intention of cashing in on the hardfork. For those who missed out on the bitcoin gold hardfork, the Segwit hardfork will provide a valuable opportunity to make some safe and free profit !
To conclude, while this is by no means the end of the current bull run, bitcoin prices had substantially dropped to the $5600 level earlier this week. Currently there is a short term buy signal on the coin, as analyzing current trends, margin trading and quick selling the coin will yield huge profit with hourly swings of +- $100 occurring frequently. In the long run prices will see a overarching upward trend with price projections set at $6070 for early November before the steam runs out as the Segwit hardfork is confirmed and finishes. The floor is currently set at $5670 where considerable support stands on a number of exchange, while a retrace to these prices is likely, chances of a dip below this level are extremely low as long as