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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.

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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.

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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.

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