Bitcoin and Ethereum Price Forecast – BTC Prices Continue to Remain Buoyant

As expected, the prices of BTC continued to be buoyant over the last 24 hours and it has once again risen through the $6700 region as of this writing. An important point to note here is the fact that over the last 2-3 weeks, the prices have been buoyant and they seem to be more in touch with the highs of their range than anywhere near the range lows which is a positive sign and which is also a sign that the momentum is building in a slow and steady manner. This bodes well for the bulls for the short and medium term and we would not be surprised if there is enough momentum for the prices to push higher through the highs of the range.

BTC Prices Showing Signs of Breakout

On the other hand, this increases the expectations for a bullish run and hence, unlesss there is a quick breakout through the range highs, the bulls and the other traders who hopped on the bull bandwagon might get tired quite quickly and this could lead to a sell off if the the range continues to rule the markets over the medium term. This is something that the bulls need to protect themselves against and it is important for them to show some intent and momentum and push the prices through the highs of the range quite soon and not let the doubts creep in.

The ETH prices have also been buoyant over the last 24 hours and the prices trade comfortably above the $200 region as of this writing. We also saw that one of the large crypto bulls Thomas Lee predict a large bull run for ETH to his clients and this could also help to build some momentum in the prices during the short and medium term. So, overall, we are seeing some nice good bullish signs showing up across the crypto market which could lead to a breakout over the short term and this is what the traders would love to see, some liquidity, some volatility and a lot of action as well.

Get Into Cryptocurrency Trading Today

Forecast

Looking ahead to the rest of the day, we do not have any fundamental or economic news in the market and as we head into the weekend, there is a possibility that the highs of the range could be tested over the weekend, another such test after the one last weekend and we will have to wait and see whether this leads to a breakout.