Bitcoin and Ethereum Price Forecast – BTC Prices Consolidate Near Range Lows

The BTC prices continue to trade near the lows of its smaller range around the $6200 as of this writing. The smaller range has the highs coming in at around $6600 and the lows coming in at the $6200 regions while the larger range has the highs at around $6800 and the lows at around $5800. So, we continue to be safe within the larger range and till that continues, we have to say that prices are consolidating and ranging. We will have to wait and see how the price action pans out over the weekend when the liquidity becomes low and the volatility could come into the picture.

BTC Prices Slow

The major development in the crypto space as of this morning is the sale of stake in the largest BTC exchange in South Korea as the exchange Bithumb sold 38% of its equity to a consortium of companies that is based out of Singapore. The deal is said to be worth $350 million and this just goes to show the size of the market in South Korea and could also boost the confidence of the crypto market in the medium and long term as this is an added sign that the market is hale and healthy at this point of time. So far, the impact of this news on the BTC prices has been pretty minimal and we will have to wait and see whether this would lead to any substantial moves as the day progresses.

The ETH prices have been holding on to the $200 region as of this writing and this has been the case over the last 24 hours as well. The ETH market could receive a boost based on the news that Coinbase has listed its first ETH based token but again, the impact on the prices so far has been minimal.

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Forecast

Looking ahead to the rest of the day, we believe that the support region is likely to hold for the next 24 hours and we may also see an attempt by the prices to move higher. But over the weekend, it could be anybody’s game and hence it is better to trade with tight stop losses.