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Bitcoin and Ethereum Price Forecast – BTC Prices Continue Higher

By:
Colin First
Published: Jul 23, 2018, 04:22 UTC

The BTC prices continue to be strong and buoyant while the ETH market continues to struggle

BTC/USD daily chart, June 18, 2018

The BTC prices continued to ake strong progress and the expected correction towards the $7000 region did not arrive. This points to the strength of the current move and shows that the bulls are firmly in control. Overmuch of the weekend, there was just consolidation and ranging with not uch of movement in the market and it is only this morning that the prices have shot higher and they now trade comfortably in the $7600 region looking towards the $8000 region in the short term. The moves over the past week has only reinforced the belief that the accumulation could probably be over and that the control of the market has now passed on to the bulls.

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BTC Prices Buoyant

It is in this context that we are looking forward to the bullish moves in the short and medium term. It has to be noted that these moves are happening right at the same time when such large bullish moves happened during the course of last year and this tells us a lot about how the current situation could pan out and this is probably what is encouraging the investors to start moving in, in the hope of better returns. What we are also seeing is the fact that with the crucial resistance regions out of the way and the highs of the range being broken, those traders who had been short are now looking to make a quick exit and this is only fuelling the move higher as time progresses.

Bitcoin 4H
Bitcoin 4H

The ETH market has been hit hard over the past few weeks and with the emergence of other blockchains and network that are in direct competition to it, it is likely that the ETH market is feeling the pinch. For now, it has been reduced into a race between the attention for ETH and the attention on the other networks and who does the marketing better and for now, ETH seems to be losing out in the short and medium term.

Forecast

Looking ahead to the rest of the day, we expect the bulls to continue to hold the upper hand and maintain the momentum for the day and this should see the prices continue to trade in a strong and buoyant manner.

About the Author

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

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