FXEMPIRE
All

Bitcoin and Ethereum Price Forecast – BTC Prices Breakout

The BTC prices finally have a breakout through the highs of their range and this helps the bulls to finally establish their control in the market
Colin First
Bitcoin Wednesday
Bitcoin Wednesday

The BTC prices flew through higher over the last 24 hours in what can be seen as a hugely significant move for the bulls. For a long time, we had been saying that the region around $6800 would be the key for the bulls and the bears and if the prices move above it, the bulls would establish control while the bears remain in control as long as the prices are below it. We have also been saying that we are seeing increasing signs of bullishness in the markets over the last few days with a couple of attempts to break through the highs of the range being followed by shallow drops. All this has come to fruition as the markets have now flown higher.

Suggested Articles

BTC Prices Surge Through $7000

The break through the region has been strong and significant and this has only led to more short covering from those who have been short. With the BTC futures offering margin and leverage, the market continues to cover their large shorts and this has only fuelled the move higher and the prices now trade above the $7400 region as of this writing and now the market has turned well and truly bullish. Those who are not already holding BTC, can wait for the prices to return back to the $7000 region before going long again as it is likely that the market and the prices would re-test the broken resistance region before beginning to move higher once again.

Bitcoin 4H

The ETH prices have also pushed higher and the coiling that has been happening in the markets over the last few days has now been undone which should accelerate the move higher in the coming days. The bulls are now firmly in control as the prices trade above the $500 region and we have always favoured the fundamental side of ETH even more than the BTC market and this has now set the stage for the ETH market to begin to look higher in the medium term as well.

Forecast

It should be a day of interesting price action as much of the breakout had happened during the US session and the prices have carried on from there during the Asian session today. It remains to be seen whether there would be a correction back to the region of breakout in both the BTC and the ETH markets and even and when that happens, we expect the traders, who had missed the boat during the breakout, to come rushing back into the market.

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
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