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Bitcoin and Ethereum Price Forecast – BTC Price Steady During Month Close

By:
Colin First
Published: Nov 1, 2018, 05:58 UTC

The prices have been slow and steady to end the month, something that it has been doing over the entire month

Bitcoin Thursday

The BTC prices were steady to close the month of October which has turned out to the one of those months with the lowest volatility that we have seen in the crypto markets. The prices have refused to move higher during the course of the month and though there were attempts to break through either side of the range, these have been largely unsuccessful and what we have seen is a period marked by dull trading and a lot of consolidation. The worst part of this is the fact that there does not seem to be any end in sight for such price action in the near future.

BTC Prices Having a Tough Time

This is bound to have an effect on the traders and the investors. While such lack of volatility is likely to drive away those eager traders who are looking for new markets to push their funds into, it is also likely to drive away the existing crypto traders as well as they find that the market is becoming more and more difficult to trade and make some good returns. Already, most  of the day traders and the speculators from last year seem to have deserted the market and if this low volatility continues, it is only going to make things worser for the market as a whole.

The ETH market has also been dull like the rest of the crypto market over the last few weeks but for this market, the dullness has also been due to the fact that the development in the network has not been going according to the plan and schedule with some of the important projects being pushed to next year bringing its fundamental value into question. The coin needs to sort out this major issue before it can hope to be brought back into the trader limelight once again.

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Forecast

The prices are expected to continue to consolidate and range for the next 24 hours. There does not seem to be any end in sight as far as this consolidation is concerned and unless and until there is a fundamental change in the way that the traders begin to view the crypto market, it is likely to get less and less attention.

 

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.

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