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Bitcoin and Ethereum Price Forecast – BTC Prices Continue in Range

The BTC prices dropped lower during the course of the day yesterday but overall, the prices continued to stay within the same range that has been plaguing the markets over the last few months. There does not seem to be any end to this ranging in sight and even though we did have a breakout a couple of weeks back, it turned out to be short lived and the prices corrected back lower and fell back into the range. Now, the traders will have to continue to put up with the ranging that we have been seeing. The BTC prices are trading in the $6300 price region and by the looks of it, this is around the middle of the overall range that the prices have been in over the last couple of months.

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BTC Prices Slow and Steady

There has been a distinct lack of fundamentals to drive the market and the market has also matured enough not to be rocked by small news or comments from specific bankers of financial leaders. It is a combination of these 2 that seems to be holding the prices together and not bringing in the volatility that we are used to in these markets. This has driven away the day traders which has only added to the problem and made the liquidity and the volatility even lesser than usual.

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Bitcoin 4H

The ETH prices also broke through lower during the course of the last 24 hours and now they trade comfortably below the $300 region as of this writing. This is likely to continue to trade in a weak fashion during the short and medium term as the market suffers from the birth of other similar challengers. The ETH network and the host of developers need to keep innovating as the competitors try to play catch up with them and this pressure is beginning to show up on the prices.

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Forecast

Looking ahead to the rest of the day, we do not see any change to the pattern of prices and its action that we have been seeing over the last several weeks. We expect the consolidation and ranging to continue which gives a great chance for the day traders and the range traders as well.

This article was originally posted on FX Empire

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