Yahoo Finance Bitcoin and Ethereum Price Forecast – BTC Prices Consolidate
The BTC prices continued to consolidate but the more important factor was that the prices continued to trade above the $6800 region which is what the bulls would be hoping for. The prices have fallen below the $7000 region and this has been the case for the past few hours but the bulls would be hoping that this fall is only temporary and that the prices would now pick up and move higher and would continue to trade above the support region at $6800. A fall below this region would mean that the prices and the market would be back in the long held range and this would only mean more consolidation and more ranging in the days and weeks to come, something that most of the traders would not want, after all that they have been through over the past couple of months.
BTC Prices Stay Range Bound
It has been an excruciating period of waiting and watching for many of the traders over the last 2 months or so as the prices have been locked within a range and for the investors and long term traders, it has been difficult to choose a specific direction under such circumstances. The BTC traders have been used to periods of huge volatility since last year and for such people, it has been quite difficult to deal with the ranging that has been going on for long. There have been a lot of positive developments in the crypto industry but none of them seem to have had any much of an impact on the prices as yet.
The ETH market has got a fundamental boost with the talks of ETH futures being started in the CBOE by the end of the year but the impact on the prices has been pretty much muted so far. The traders are not sure whether to classify this as a positive or a negative development considering the fact that it was the introduction of the BTC futures that marked the beginning of the fall in the BTC prices.
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Forecast
Looking ahead to the rest of the day, we expect the consolidation to continue within a tight range and the prices to stay above the $6800 region. We are unlikely to see too much of an action in the markets as we approach the weekend of low liquidity and volatility.
This article was originally posted on FX Empire
