Bitcoin and Ethereum Price Forecast – BTC Prices Consolidate

The BTC prices consolidated and ranged for much of the day yesterday, as was widely expected. The investment and the financial world is as yet divided on which way it wants to go as far as the crypto world is concerned and that confusion and uncertainty is best seen in the markets where the prices are not sure which way they want to go. Even the breaks of the range on either side are quickly corrected back and we are seeing the prices continue to trade within the tight range and consolidate for the short term. It is unclear how long this is likely to go on though we can be quite sure that the longer this range goes on, the more likely that the move following this ranging is going to be quick and fast as well.

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BTC Prices In Range

To add to this boring period of consolidation, we are also seeing that the lack of fundamentals and the lack of any major economic news is also beginning to affect the market. The market has become too mature to be affected by the statements from the various financial leaders and their impact on the market seems to be diminishing at a very fast pace. That was not the case last year when the volatility increased by leaps and bounds whenever there was a statement from any of the hedge fund leaders or the CEO of any specific bank. This fact of maturation is good in a way for the market but this has also led to some boring trading as well as the long term and the short term traders always tend to prefer volatility.

The ETH market also got some respite yesterday from all the selling that we had been seeing in the market over the last few days. The prices continue to trade below the $300 region as of this writing but this is not a sign of the trend turning, not at this point of time and so the bulls should get ready for some more pain in the following days.

Forecast

It is likely that the consolidation and the ranging is going to last for some more time as we head into the weekend. We would not be able to see much of action and so the traders should get used to such movements in the short term.