Bitcoin and Ethereum Price Forecast – BTC Prices Consolidate

The BTC prices have been pretty much stable over the last 24 hours as the market and the traders take some rest before the next piece of action. There was not much in the markets yesterday with the traders being content to watch the price action from the sidelines. We also saw that there were not any major fundamental or economic news to drive the markets during this period and this is also one of the reasons why we have been seeing the markets and the prices consolidate as well. This is going to continue in the short term as the market waits for some push from somewhere which should help the traders choose a specific direction. For now, they seem to be pretty much confused on which direction to go to and even the bulls seem to be waiting on the sidelines for better prices.

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BTC Prices Continue Consolidation

As we have been repeatedly mentioning over the last few forecasts, the break through the $6800 region is a clear bullish sign for the traders and as long as this region holds, we should see the prices moving up in the short and medium term as well. But the market needs to collect more buyers to generate enough momentum to push higher. We can clearly see that the larger investors and funds are at play in the market which has helped to add liquidity and also helped to bring in some maturity and sanity in the way that the prices move at this point of time.

The ETH prices continue to flounder over the last 24 hours and we have been seeing that the prices are still under the $450 region and it looks as though it will continue to trade there in the short term. The market looks pretty weak and though its fundamentals continue to look strong, it needs some fillip fro somewhere to regain the attention of the investors.

Forecast

Looking ahead to the rest of the day, we seem to have been locked in a range for now and it appears as though we are likely to continue in this range for some time. Hence, the traders would do well to accumulate BTC at the support regions and wait for the bull run to begin its next leg.