Advertisement
Advertisement

Bitcoin And Ethereum Daily Price Forecast – Major Crypto Coins Range Bound Post Yesterdsay’s Decline

By:
Colin First
Updated: Feb 27, 2019, 19:10 UTC

Major crypto coins are consolidating their position post sharp declines earlier this week as headlines inspired a positive price action.

Bitcoin Wednesday

The cryptocurrency market recently saw bears try and take control over price action. But bulls seem to have found strength and limit loss as the market failed to see sharp loss despite traders pausing fund flow into cryptocurrencies ahead of Constantinople hard fork. This has helped Bitcoin and other major legacy cryptos find strength and stay well above psychological support price levels. The overall net worth of the cryptocurrency market as on date is nearly $130 billion USD. A look at the list of cryptocurrencies in terms of market capital shows that Bitcoin and other top 9 legacy crypto coins have remained relatively unchanged but price action shows a slightly bullish bias.

Crypto Bulls See Positive Influence But Lacks Strength To Facilitate Breakout

Post initial declines, some of the cryptocurrencies even saw price action recover loss suffered early in the week. While the upside move may not be by a huge margin, bitcoin saw positive price action today with price reaching well near mid $3800 handle. Moving forward, the cryptocurrency market is likely to see price action of bitcoin move in a tight range. Despite uncertainties and lack of headlines/event to provide the market with a bullish fundamental boost, price action seems to be holding steady in positive levels while Ethereum undergoes network upgrade. Positive price action across the week will help facilitate the cryptocurrency market to find new support price levels from a fundamental perspective.

As of writing this article, the BTC/USD pair is trading at $3832.8 up by 0.25% on the day, while ETH/USD pair is trading at $138.35 up by 1.56%  on the day. The launch of Bitcoin and Ethereum liquid index data as Constantinople hard fork approaches Ethereum this week underpins positive investor sentiment in the broad market. News that Binance now supports the upcoming hard fork in the Ethereum network was also welcomed by trades boosting positive sentiment in the market. Owing to the decentralized nature of cryptocurrencies, news such as ones mentioned above have a high impact on investor sentiment and acts as a fundamental support to some extent influencing positive price action of major crypto coins in the broad market. This suggests that price action moving forward is going to be positive even if the influence lacks the strength to favor a breakout resulting range bound action with a bullish bias.

Please let us know what you think in the comments below

About the Author

Colin specializes in developing trading strategies and analyze financial instruments both technically and fundamentally. Colin holds a Bachelor of Engineering From Milwaukee University.

Did you find this article useful?

Advertisement