Bitcoin And Ethereum Daily Price Forecast – Major Crypto’s Stagnate Amid Lack of Momentum

Cryptocurrency market has started to stagnate when considering price action in simplest term. Following sharp decline in later half of 2018, crypto market saw bitcoin and other major altcoins attempt to erase loss and climb back above psychological price levels. While a few even managed to breach said price level all such attempts have ended in dead cat bounce scenario. Nothing much has really changed in price action across this month’s trading session so far. Despite news driven momentum helping the legacy crypto sustain their price move above critical level for few days, all gains made were eventually lost.

Official Confirmation of  BTC Futures Debut or Fund Flow from Russia Will Be Saving Grace For Crypto Market

Both bitcoin and ethereum are currently in consolidative price action following a sharp two way move earlier this week. News driven momentum lost strength as legitimacy of said news was questioned in broad market and no official response was received, resulting in lack of momentum to drive the pair in either direction. For now bitcoin is steady above $3600 price range, however traders believe that price will go higher if Russian government confirms that it is looking to convert forex reserve from fiat currency into crypto currency and while headlines provide mixed signal as key members express positive opinion, lack of official confirmation has left the market going in circle.

As of writing this article, BTC/USD is trading flat at 3.627.2 down by 0.92% on the day. Meanwhile lack of further details following Ethereum blog’s update that Constantinople network upgrade has been postponed owing to security issues, ethereum pair saw slight two way price action post which it has traded in range bound fashion. Investors continue to approach market with caution as they await further details on network upgrade but also hope for news of possible Bitcoin futures debut in NYSE backed Bakkt platform which could bring a fresh wave of positive influence and fund flow into crypto market providing some level of fundamental support.

This article was originally posted on FX Empire

More From FXEMPIRE:

• Bitcoin And Ethereum Daily Price Forecast – Major Crypto’s Stagnate Amid Lack of Momentum

• Natural Gas Price Forecast – natural gas markets press resistance

• The Insights into Exotic Pairs: the BRL

• Gold Price Prediction – Gold Consolidate Following No Confidence Vote

• China Down After Record Stimulus, UK Moves To Brexit Plan B, Earnings Drag US Futures Lower

• Markets Mixed as Investors wait for US Earnings: Pound Flat