Bitcoin and Ethereum Price Forecast – BTC Prices Buoyant

The BTC prices have shot higher again over the last 24 hours and now trade comfortably above the $6600 region as of this writing. Of course, the real challenge for the BTC bulls is likely to come in the $6800 region and that is where we are likely to witness a lot of selling. So unless and until the prices cross this region, it would be safer for the traders to wait on their longs and instead wait on the sidelines and look at what the market is trying to tell them. All that we see at this point of time is consolidation and ranging and though the underlying might look bullish at this point of time, the experienced traders would know that it could all reverse in a jiffy.

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BTC Prices Stay Strong

That is why it is very important to be on the toes and not take anything for granted and wait for the market and the prices to tell us where they are going. For now, they do not seem to be going anywhere and as we have said before, the $6800 region is likely to be the line in the sand for the bulls and the bears and if there is a cross through that region and if the prices hold above that, then the bulls are likely to come back in hordes and regain control of the market. Till that time, it is likely that the bears would remain in control.

The ETH prices have also risen higher and now trade comfortably above the $450 region as of this writing and like the rest of the crypto market, the ETH market and the prices are also expected to remain buoyant during the short term though the consolidation and ranging is expected to continue as well.

Forecast

Looking ahead to the rest of the day, with the lack of any major fundamental developments around the crypto world, we expect one more day of dull trading with consolidation ruling the roost for the day and this is expected too keep the prices slow and low.