Bitcoin and Ethereum Price Forecast – BTC Prices Consolidate Gains

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Published: Jul 26, 2018, 05:09 UTC

The prices have managed to hold on to the gains that it has been making over the last 1 week while the ETH prices continue to lag

The BTC prices consolidated and ranged for much of the day yesterday as the market tried its best to hold on to the gains that it had made over the last couple of weeks. It looks as though the market is getting used to the bullishness which has seen a sudden breakout in the prices about a week back. This bullishness has continued to carry on for the last week or so with very little correction of the trend so far. Considering the fact that the prices have been trading in a strong and steady manner over this period, it looks as though the next major target for the bulls would be the $10,000 region.

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This is where the prices and the last uptrend failed and it led to a prlonged period of weakness and consolidation which sucked the energy out of most of the traders and the investors which is exactly what the large investors and banks and financial institutions needed before they stepped in. Now the accumulation seems to have got over and what we are seeing now is the over following the accumulation which is likely to lead to some strong moves over the next few days. This bullishness is here to stay for the short term and it remains to be seen what the prices do if and when they reach the $10,000 region.

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The ETH market has not been able to capitalise on the gains made in the BTC market and it has become disconnected with the way that the BTC prices have been moving. There is no sense of bullishness in this market and it appears quite weak due to the lack of any fundamental push and also due to the increased competition in the same space that the ETH development is happening.

Forecast

Looking ahead to the rest of the day, we expect the trend to continue and dominate with the BTC prices looking to be buoyant and move up higher while the ETH market is expected to continue to be weak and trade below the $500 region for the short term.

About the Author

Colin Firstauthor

Colin specializes in developing trading strategies and analyze financial instruments both technically and fundamentally. Colin holds a Bachelor of Engineering From Milwaukee University.