Bitcoin And Ethereum Daily Price Forecast – Cautious Investor Sentiment Results In Consolidative Price ActionHeadlines inspired cautious investor sentiment has resulted in low trading volume and volatility resulting in range-bound price action.
A highly uneventful week for cryptocurrency market is expected to close for the week on a neutral note. The market saw sharp fluctuations in price action influenced by news driven momentum, but a lack of fundamental resulted in situations where neither bulls nor bears could take control of price action. A clear lack of fundamentals and cautious investor approach towards the crypto market has resulted in major cryptocurrencies moving in a range bound, consolidative price action. There is no major news or event in near future which suggests major crypto pairs are likely to continue consolidative price action across the weekend.
Further Updates On ETH Network Upgrade Awaited
Bitcoin has been trapped inside a short range of $3500 to $3750, which is unlikely to be breached in immediate and near future trading sessions. The market is still suffering from news of Cryptopia hack which saw the exchange lose assets worth $3.6 million and news of delay in Constantinople network upgrade at last minute owing to new discovery of a key security issue. Back to back dovish headlines with major impact on the crypto market have resulted in the loss of fund flow and trade volume as well. Moving forward if Bitcoin managed to see a breakout on headlines influenced momentum, it will set course for short term price action.
But no major changes in the crypto market can be expected any time soon as investors continue to exercise caution, while bulls and bears have equal pull on Bitcoin from a fundamental perspective. While Bitcoin may not see any major move in near future, Ethereum is likely to see some level of increased activity as developers are expected to provide further updates regarding network upgrade delay and measures taken to counter recently discovered security issue. If the update provides any positive comment crypto markets are likely to see a short burst of bullish activity while negative comments could influence Bitcoin and Ethereum into a sharp bearish nose dive towards critical support price levels.