Yahoo Finance Bitcoin and Ethereum Price Forecast – BTC Prices Steady
The BTC prices continued to consolidate and range below the $7500 region which is something that was expected considering the breakout that we had seen during the middle of the week. Generally a breakout is followed by consolidation and then a correction back towards the highs of the range that had a breakout and we now await and see whether the correction happens. So far, it has not happened and it remains to be seen whether the correction would happen or whether the prices would continue to move higher after the consolidation phase is over. The bulls have established control and they should be happy now that they have been able to hold on to their gains over the past 2 days.
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BTC Prices Holds on to Gains
This means that the breakout could be here to stay and it in turn would give a lot of confidence for those traders and the investors who are on the sidelines. It should also make the short sellers think twice before trying to short the market again and all this points to the continued bullishness in the markets over the short and medium term as well. The big investors, funds and the banks continue to queue up to enter the crypto market and also use the underlying blockchain technology to improve their infrastructure and the way that they do the transactions and all this points to a strong market in the future.
The ETH market has been suffering in comparison to the BTC market and it has not been able to get the love and the attention that it is used to. Though it continues to remain strong fundamentally and the clear No. 2 in terms of market cap, it is likely to face increased competition in the coming weeks from other blockchain projects and maybe this struggle in the prices is a precursor of things to come.
Forecast
Looking ahead to the rest of the day, the consolidation is likely to continue as we head into the weekend but the traders should be ready on their trade buttons in case there is a further move higher. If the prices do come back to the $7000 price region, that would be an opportunity for the bulls to go long again.
This article was originally posted on FX Empire
