Yahoo Finance Bitcoin and Ethereum Price Forecast – Prices Consolidate on Lack of Fundamentals
The bitcoin market finally seems to be having some quiet time by itself as all the volatility that we had been witnessing over the last couple of weeks seems to have died down and the prices are trading quietly in a range between the $11,000 and the $12,000 regions as of this writing. There have not been much developments on the fundamentals or the regulations side as yet and so the market is able to have a quiet time as the traders seem to be accumulating the bitcoins for the next move, a period that is known an consolidation. This is indeed a relief to the traders as the market had been rocked in recent times due to the regulations that have been brought in, over the last couple of weeks in South Korea. This country has a lot of traders in the crypto space and a total ban in this country would have dealt a severe blow to the industry, just as how the ban in China took the wind out from the bull run.
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BTC Prices Consolidate
But the regulators have been wise to that and instead of making a total ban, they have chosen to tax the exchanges which is the direction that many of the regulators are likely to take in the coming days. They are likely to look to tax the exchanges as corporates and also look to tax the traders as well, for the profits that they have made in the trading, just as how the profits from stock trading is taxed. This is a far better method to control and regulate the industry than an outright ban which is only going to increase the use of the black market for trading.
The ETH market has also been trading in a quiet manner over the last few days just above the $1000 region and it looks set to move higher in the coming days.But for now, the traders seem to be in an accumulation phase for the next move.
Forecast
Looking ahead to the rest of the day, we do not expect much change in the price action for today and expect the consolidation and the ranging to continue for the day today. The BTC prices are expected to have support in the $10000 region while the ETH prices would have support in the $950 region.
This article was originally posted on FX Empire
