Bitcoin And Ethereum Daily Price Forecast – Cryptos Continue Consolidative Price Action

As market lacks trigger to influence a rally bitcoin and other major assets trade in consolidative price action.
Colin First
Bitcoin coin on white keyboard

Cryptocurrencies over the last few trading session have remained in solid consolidative price action. While the past few weekends have been highly active when it comes to trading volume, activity, volatility and change in price trend, most of those price moves were inspired by some sort of event expectations and cryptomarket related high impact headlines. Given the lack of headlines or expectations for any major market event, price action over the weekend lacked luster and was consolidative in nature. In a decentralized market, unless there is an event or news associated with a specific asset or the market, price action usually becomes stagnant and its exactly what is going on in our market now.

Bulls Hold Steady In Short Term

As both bitcoins and other major legacy cryptos lack what could be called a breakout factor and investors don’t seem to want to pull out their funds until they are sure the ongoing rally has come to an end, the market sees to found a bottom near critical support price levels when speaking from a temporary perspective. Neither bulls nor bears seem to be taking charge of price action anytime soon which suggests that even from a technical standpoint the price action of major crypto assets are currently trading in neutral levels with a clear lack of directional bias.

As of writing this article, BTC/USD pair is trading at $3873.6 down by 0.85% on the day while ETH/USD pair is trading at $133.45 down by 1.57% on the day. While Bitcoin has fallen below $3900 handle, it has become sort of a routine by now after many dead cat bounces where the progenitor of cryptocurrencies is taking a break after every attempt to build a rally over the said price level  and with each attempt, the rally above $3900 handle seems to grow longer suggesting that bulls seem to retain advantage in short to medium term and same can be said for Ethereum as well. Despite falling below $135 handle, bears are unable to drag the ETH/USD pair similar to sharp declines from late December and early January which suggests that Bitcoin and Ethereum are gaining strength with each passing day but lacks the strength to make a breakout resulting in consolidative price action.

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