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Bitcoin and Ethereum Price Forecast – Prices in Congestion Zone

Colin First
Updated

Bitcoin prices continued to trade in a steady manner during the course of the day yesterday as the prices are now trading in a congestion region around $4400. We had mentioned in our forecast yesterday that the progress from here would be pretty slow as far as the bitcoin prices are concerned as they are now getting towards the top of their range where the selling is likely to be heavy. Also, we now have speculators who are weary of the prices reversing pretty quickly on some bad news for the industry, which have been quite many over the past month or so. Due to a combination of such reasons, the prices can be expected to be in a consolidation phase for quite some time.

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Bitcoin Prices Trade in a Range

The bitcoin market is still trying to sort out and digest all the news that has been running through the industry over the last few weeks. Though the trend is up for now and the prices seem to have shaken off the correction that took place due to the news from China a few weeks back, the traders are still not yet in a position to commit themselves fully. We also have the upcoming hard fork in November and it is still not clear what the effect of that fork will be. It is reported that it will lead to a third variant of the bitcoin but what impact it will have as far as trading and mining of the main bitcoin is concerned, is not yet known.

Bitcoin 4H
Bitcoin 4H

Ethereum has been trading in a pretty weak manner over the last week or so and it has not been able to join the bitcoin prices in the uptrend so far. The ETH market has been weighed down by all the bans on ICOs from China and South Korea and it is likely that other countries may also follow suit in banning unregulated ICOs. With many ICOs having ETH as the base, it is natural for the ETH traders to feel short changed and that is why we are seeing pretty much less buying in this market.

Forecast

Looking ahead to the rest of the day, we believe that both the ETH and BTC markets are likely to continue to trade within a range as they consolidate with no specific direction. As mentioned before, we believe that the prices are now in a congestion zone and hence prone to ranging and consolidation in the short term.

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This article was originally posted on FX Empire

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