Yahoo Finance Bitcoin and Ethereum Price Forecast – BTC Prices Still Weak
The BTC prices continued to trade under pressure for much of the last few days as the market has been swayed by the general loss of risk sentiment. The prices now trade near the $7500 region as of this writing and over the last 24 hours, there has been no sign of a recovery as yet. There have been no specific reasons for the drop in the prices, which is expected as the BTC market usually does not depend on fundamentals, but it has to be said that we have noticed a pattern of the prices falling when the risk sentiment goes off and the world is gripped by geopolitical tension.
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Prices Near $7500
Looking ahead, it is going to be tough for the bulls now as the traders and the investors would be watching the price action from now very closely. It is likely that the prices would continue to be under pressure for the short term and if the prices end the week lower, then we could be in for further weakness and pain over the weekend. We would be hoping for a recovery in the prices but that could be hard to achieve with the support turned resistance at $7800 looming just ahead and the bulls would be finding it difficult to break through.
The ETH prices have also moved lower but they seem to be comparatively doing better than the BTC prices due to the fact that they have better fundamentals behind them. They now trade just above the $600 region as of this writing but as we have always maintained, the ethereum network could prove to be the dark horse amidst all this and we could see the market doing well in the medium and long term.
Forecast
Looking ahead to the rest of the day, the traders would be watching for the close and the price action there. If the close is weak, then we could be in for more pain over the weekend as the prices are likely to continue their fall over the weekend. Any sort of strength towards the close would be useful for recovery.
This article was originally posted on FX Empire
