Bitcoin And Ethereum Daily Price Forecast – Profit Booking Activity Influence Mixed Price Action Among Major Cryptocoins

Cryptocurrency market has retained its positive price action when looking from long term perspective, but following recent positive price run, profit booking activity saw Bitcoin and other major legacy crypto coins experience some downside move. A lack of solid breakout trigger resulted in major crypto coins failing to retain rally above the critical price level but maintaining consolidative price action slightly below critical price levels during yesterday’s trading session. This led to a significant amount of profit booking activity today leaving the performance of Bitcoin and other major legacy crypto coins in a divided state. However all top 10 crypto coins managed to retain positive rally well near critical price levels and a few even managed to erase loss from early in the day which indicates a high level of positive investor sentiment in the market.

Regulatory Authorities Hint At Delay In Bitcoin ETF Approvals

Yesterday’s actions led to investors concluding that Bitcoin and other major crypto coins have hit a wall on their upside move, but investor sentiment still remains positive as investors wish to see if the rally can sustain the momentum through Constantinople upgrade. If the rally meets expectations it will serve as fundamental support required for major crypto coins to establish rally above critical price levels. Meanwhile, if the rally begins to decline traders are expected to wait till last moment when price begins to cascade or show signs of cascading so that they can walk away with maximum gains from ongoing price rally. As of writing this article, BTCUSD is trading in the spot market at $3946.1 down by 0.38% on the day, while ETHUSD is trading at $146.54 down by 0.12%. Aside from investor sentiment, the ongoing rally is greatly influenced by headlines from the market and after quite some time bearish news of significance hit the market today.

The report suggested that Hester Pierce from the SEC and Brian Quintenz from the CFTC regulatory board mentioned that Bitcoin ETH and futures are unlikely to be approved in near future as proposals submitted so far still show signs that they are prone to manipulation during a Bipartisan Policy Center meeting they both attended named –“ The Year ahead for Capital Markets”. If much anticipated and awaited crypto events are likely to be delayed it is likely to result in decreased fund flow to market and less participation from traders in the cryptocurrency market in near future. This news could be one of the main factors that influence a sharp decline if the downside move is triggered anytime in near future. However, trading volume indicates that risk appetite and investor sentiment in the broad market still favors positive price action in near future and this is likely to support positive price action for rest of the day’s trading session.

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