Bitcoin And Ethereum Daily Price Forecast – Consolidative Action Continues Post Hard Fork

The cryptocurrency market continued to see neutral activity for the second consecutive trading session as February month came to a close. While the cryptocurrency market does see trading activity in weekends, activity is usually lower compared to weekdays and since the market has made any serious reactions post ethereum network upgrade both retail traders and investors have decided to hold back from placing major bets and profit booking activity to see which direction the price rally makes a move. While the market is currently in the consolidative phase, once the rally breaks up chances are high for bears to take over and it could lead to a sharp decline.

Investors Await Impending Decline of Major Crypto coins

The week already saw a sharp decline in price action but positive investor sentiment and news-driven momentum kept the decline limited. Further, positive influence surrounding Constantinople hard fork added fundamental support to market bulls underpinning the recent positive price activity. There is no clear agreement on the future direction of the market in the short term but the market is highly likely to see a sharp fall to 2019 lows on profit booking activity before seeing the next big move of the year. Both Bitcoin and Ethereum have traded flat for the day but the recent price action always saw major moves take place during weekends.

Both Bitcoin and Ethereum stayed above critical support price levels of $3800 and $130 handle respectively. While headlines driven momentum has been dictating price action in the market off-late all major events are complete now and other highly anticipated events in the cryptocurrency market are unlikely to come into action anytime soon despite headlines hinting time and again that the events are likely to come to pass in near future. The major event that is most anticipated next is the debut of Bakkt platform and Bitcoin ETF proposal submitted by CBOE to US SEC but if comments from regulatory authorities are to be believed, the approval for either of those two above mentioned proposals in unlikely to occur in near future hinting that market is impending decline awaiting trigger which is likely to be found this weekend once traders began booking profits.