Yahoo Finance Bitcoin and Ethereum Price Forecast – BTC Prices in Range
There hasn’t been much happening in the crypto markets over the weekend which is something unusual for a market that has been used to a lot of volatility as compared to the other ones. We have been seeing the $6600 region acting as the resistance overhead and this is something that we have been pointing out over the last few days.It is expected that thi consolidation and ranging would continue for the short term as well. There hasn’t been much happening by way of fundamentals or economic data and this is also one of the reasons for the slow moves that we have been seeing in the markets over the last few days.
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BTC Prices Still Below $6700
We are seeing a large change in the type of traders in this markets with the majority of day traders trying to get out of the market. They were drawn to the markets due to the large volatility and the one way direction of the crypto market which made profit making easy at one point of time. But now things have changed with the BTC futures being introduced, regulations kicking in and the volatility dying down as well. This has led to the investors and day traders trying to stay away and watching from the sidelines for the market to show its hand in the latter part of the year.
The ETH market has also been trading in a weak manner, like the BTC and the rest of the crypto market as well. We continue to believe that the ETH industry would be pretty strong fundamentally with some solid development in the pipeline and this would help the ETH prices in the long term but for now, it has to dance to the tunes of the rest of the market.
Forecast
Looking ahead to the rest of the day, we believe that the market would continue to range for the short term and we should see the regions of resistance continue to hold up any move higher.
This article was originally posted on FX Empire
