Bitcoin and Ethereum Price Forecast – BTC Prices Buoyant Again

The BTC prices continue to trade in a buoyant manner and it should be heartening for the bulls to note that this underlying buoyancy has been maintained over the weekend as well and this should give them a ot of hope for further gains in the near future. It could be that some of the developments arounds the world could be affecting the crypto market in a positive manner. We are seeing a trade war beginning to break out between the US and China and we are also seeing the spread of this trade war to other countries as well. This has led to a lot of jitters in many parts of the world.

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BTC Prices Above $6700

We could probably see this aspect of the trade war affecting the crypto maret as well as the governments have control over the flow of funds only through the banking system. So, with the fund flow through cryptos and bitcoins unaffected by these developments, it is likely that they would benefit in the long run as the various regulators and banking systems clamp down on fund flow across borders and begin to impose restrictions and additional charges as well. This is only going to fuel the alternative payment systems and once this happens, the crypto market is likely to be  one of the main beneficiaries of the same. The traders probably realise that as well and it would be no surprise if the prices gain due to this in the medium term.

The ETH prices have also gained over the last few days and now trade just short of the $500 region. Both the BTC and the ETH prices are just short of their strong selling regions and it is likely that the market will watch the price action very closely for signs of a breakout.

Forecast

Looking ahead to the rest of the day, we believe that the market is not yet ready for a breakout as yet and so we should see some ranging and consolidation continue to happen just short of the resistance for today.