Bitcoin and Ethereum Price Forecast – BTC Prices Consolidate the Gains

The BTC prices consolidated and ranged for much of the day and what should encourage the bulls is the fact that the markets was able to hold up the range break that we had seen over the previous day and this should set the tone for the coming days. The bullishness in the markets is clear for everyone to see and the fact that the breakout has arrived at almost the same time as when it happened last year as well, is something that is ominous for the markets. Now, the bulls would be hoping to keep pushing the prices higher and not allow it to fall back into the range over the next few days. If they do managed to do that, it would give a lot of confidence for the traders and the investors who are on the sidelines and this should help accelerate the bull run.

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BTC Prices Steady

Now that the prices are clear of the $6800 region, the prices would now start to look higher with the next target being the $8000 region. Traders have to be careful about the correction that could happen as the prices might try to revisit the broken highs of the previous range and if and when that happens, that would be the ideal opportunity for the traders to buy some BTC for the next move higher. They also need to ensure that they place the stop losses at the correct areas so that they would be in a position to get out of the market if the prices and the market decides to fall back into the range once again.

The ETH prices have also corrected lower and they seem to be in a lot of pressure when compared to the BTC market. The ETH network is under high pressure to perform with many other networks and coins like EOS beginning to openly challenge them. These are going to be interesting times in the days ahead and it is important for the ETH market to continue pushing up to maintain its relevance.

Forecast

Looking ahead to the rest of the day, we expect some ore consolidation and ranging as the traders try their best to hold on to the gains and also prepare themselves for the next move higher.