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Bitcoin and Ethereum Price Forecast – Prices Choppy

BTC prices continue to be choppy for another day as the bulls and the bears struggle for control. There does not seem to be any clear direction in the short term and this has led the prices to chop around the $10,000 region. Though the prices did touch the $11000 region for a very short while, the traders were not able to make it count and the prices have since corrected back to the $10400 region as of this writing. It remains to be seen how long it would take for the bulls or the bears to seize control and push it in either direction. It may also so happen that the choppiness could continue for the short term as well.

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BTC Prices Continue to be Choppy

Fundamentally, there has not been any major developments in the BTC industry with most of the regulators and authorities looking to go after the ICO industry as it comes under extra scrutiny in the US. The regulators seem to have done and achieved what they wanted with the BTC industry and hence the shift in focus. This is also one of the reasons for the choppiness in the prices as most of the developments over the last few months have now been factored into the prices and there appears to be a sense of median in the prices for now, which has led to uncertainty on what the correct prices are.

Bitcoin 4H
Bitcoin 4H

The ETH prices continue to be under pressure, as they have been over the past couple of weeks and it looks as though it is likely to continue in the short term. The regulator watch on the ICOs around the world is also likely to have an impact on the ETH prices and keep it near the lows of the range. It has been unable to string together a bullish run and this has in turn led to a lack of confidence.

Forecast

Looking ahead to the rest of the day, with the consolidation and a bullish leg completed, which has since been corrected, we believe that we are in for another period of consolidation and ranging in both the BTC and ETH markets over the next couple of days.

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This article was originally posted on FX Empire

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