Bitcoin and Ethereum Price Forecast – BTC Prices Continue Higher

The BTC prices continued their slow and steady climb over the last 24 hours and the prices have just about sneaked above the $6800 region as of this writing giving more hope to the bulls. But the break higher has not been very convincing as yet as the move has been very slow and not the kind of move that we see that is associated with fast and strong breakouts. So we will have to wait and see how long this is going to last and whether this would be strong enough to continue higher in due course of time or whether the bears would return back in full force once again and push the prices back into range. This is going to be the action of interest in the short term. We had hinted at these kinds of moves in our forecast yesterday.

BTC Prices Pushing at Range Highs

We had said that the prices continue to look buoyant and though the bulls do not seem to be in control at this point of time, their force seems to be lying underneath and they have been doing a good job of keeping the prices well bid and ensuring that the prices do now fall through the floor. This is likely to benefit them in the long term as, if the prices do not have the space to fall, then the only direction for the prices would be to move higher. This is likely to be what we are seeing at this point of time.

The ETH prices have also moved higher but as usual, the pace at which they seem to be moving higher is much slower than the pace in the BTC market as the prices have been struggling to break through the $300 region over the last 24 hours. It is clear that many of the ICOs that had collected funds are now looking to cash in, in this market and this is ensuring that the ETH supply is large.

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Forecast

Looking ahead to the rest of the day, it is going to be interesting to watch whether the move higher is going to hold for the short term or whether the prices are going to fall back lower in due course of time. If the move higher continues to hold, then that is likely to encourage more and more traders to begin buying with confidence and that is going to help to keep pushing the prices higher.