Bitcoin and Ethereum Price Forecast – BTC Prices Consolidate

The BTC prices continued to consolidate and range for much of the last 24 hours as the markets awaited direction and we also saw that the markets continued to be trade on a bullish note. What continues to give hope to the bulls is that the prices have traded above the $6800 region over the last few days and unless and until this is broken, the bulls continue to remain in control. When the prices were below this region a couple of months back, we had said that it was the line in the sand as far as the bulls and the bears are concerned but then the bears were in control. But now the bulls seem to be in control and this region continues to be the line in the sand.

Suggested Articles

• Why Bitcoin Cash is Better than Bitcoin?
• How to Buy Bitcoin Cash?
• How to Short Bitcoin?

BTC Prices Steady

There have not been any kind of major fundamentals developments in this crypto market over the short term and that is reflected in the consolidation that we are seeing in the BTC markets. If and when the next bull run begins, the first target for the bulls would be to go back to the $8500 region and if there are able to generate enough momentum over there, then there should be enough strength for the prices to break through that region and head towards the $10,000 region once again. But this is going to take a lot of effort from the bulls and for now, they need to protect themselves from the onslaught of the bears at this point of time.

The ETH prices also continued to be weak as the prices traded around the $400 region for another day. It looks as though the prices would continue to be weak for the short term as the market begins to face challenges from new coins and tokens and hence risks losing the No. 2 position that it enjoys in the crypto markets.

Forecast

Looking ahead to the rest of the day, we expect the consolidation and ranging to continue for the day and this should be the case for the market as it searches for direction. There are no fundamentals driving the market at this time and so it is down to supply and demand and the technical that is likely to drive the market.