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Colin First

Nothing much has really changed in cryptocurrency market over the past 24 hours. Bitcoin and other major crypto currencies saw two way price action but the price was trapped well within yesterday’s high and lows. Bulls and bears continue to fight for momentum resulting in pair moving in square wave formation in hourly chart. On of the main reasons for sluggish price action in market is news of delay in ethereum network upgrade which irritated investors as they choose to hold back funds until clear progress is made. In recent pas crypto market saw huge wave of bullish and bearish price actions over hard fork related headlines driven momentum.

Russian Headlines Continues To Sway BTC Price Action

The reason for delay as cited by developer team was a red flag pointed out by smart contract auditor regarding a potential vulnerability which could allow hackers to steal Ether tokens via re-entrancy attack. Given caution among investors ahead of hard fork, market saw many investors pull out huge sum of money from market and as investors await further clarification from developer team post their meeting later this week, activity is expected to remain relatively subdued. As of writing this article, ETH/USD pair is trading at $123.85 down by 2.83% on the day. Unless the pair manages to breach price band limit at $115 or $135, the pair will continue to move locked inside mentioned price range for rest of the week. Meanwhile news out of Russia which continues to provide mixed signal towards their stance on crypto currency continues to influence bitcoin price action.

While no official confirmation has been provided by Russian government on news which hit market last week that Russia is looking to convert a part of their forex reserves from fiat to crypto currency, various key officials from Russia are continuing to express positive signals towards crypto currency which underpins market bulls to some extent. As of writing this article, ETH/USD pair is trading at $123.85 down by 2.83% on the day. In immediate and near future trading sessions the pair is expected to remain range bound near $3600 handle with slight deviations, however BTC/USD pair needs to breach support and resistance levels of $3500/$3850 and sustain rally for prolonged duration for to conform medium to long term price outlook.

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