Bitcoin And Ethereum Daily Price Forecast – Major Crypto Assets To Continue Range Bound Action

Major crypto assets continue range-bound price action as the announcement of new data for Ethereum hard fork failed to have any impact on the price action of major crypto assets and market lacks news to create a breakout trigger in immediate future.
Colin First
Bitcoin speculation
Dice, dollar and bitcoin.

Major crypto assets are back in range bound action following weekend declines as the update on Ethereum network upgrade failed to generate any change in price action. Bitcoin and other major legacy cryptocurrencies have maintained steady range-bound price action with bearish bias across Asian and European market hours today with price moving well near weekend lows. Major Cryptocurrencies are expected to decline further today as investor sentiment surrounding crypto assets took a hit following comments from Bank of England Senior advisor who said that cryptocurrency is worthless as it fails the fundamental tests of financial services. However, crypto assets could reclaim price action above critical resistance levels if Wyoming state lawmakers attempt to pass a bill that recognizes digital currencies as money is approved.

New Date For ETH Hard Fork Announced

Such an attempt would give banks clear permissions specifically meant for handling cryptocurrencies and digital assets. While the bill is backed by both House and Senate of Wyoming state with supporters from both republic and Democrat parties, it still has a long way to go. In fact, the impact of approval on crypto market could be compared to impact expected from approval of Bitcoin futures by SEC as Banks would be legally authorized to handle cryptocurrencies as a form of legal tender/money. As of writing this article, the BTC/USD pair is trading at $3557.9 down by 0.81% on the day. Bitcoin is currently in range bound action with upside move seeing strong resistance near $3585 handle.

Amid lack of clear directional bias, news-driven price action will provide major crypto pairs short term profit opportunities in immediate and near future. Post a sharp downside spike that hit as low as $112.04, ETH/USD pair is trading at $115.85 down by 1.78% on the day. The much-awaited Constantinople hard fork having being delayed last week owing to security issues now has a new date, the network upgrade is expected to occur on February 27 at block number 7, 280,000. However, this announcement has failed to generate any visible impact on the market as investors continue to remain wary of crypto assets amid lack of clear fundamental support for a rally in either direction.

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US