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Colin First
Bitcoin Wednesday
Bitcoin Wednesday

The BTC prices have crashed lower over the last 24 hours as the support region has given away and this has only served to accelerate the selling. We had been saying over the last few forecasts that the region around $6800 would be the key in the battle between the bulls and the bears and that as long as the prices are above this region, we are likely to see the bulls in control and if the prices push below this region, then the bears would be in control. Over the last 24 hours, we have witnessed some large selling in the BTC market which has since pushed the prices lower through the $6800 support region and hence the prices now trade in the $6500 region as of this writing.

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BTC Prices Below Support

We will have to wait and see how the European and the US markets are going to respond to see once they are up and running later in the day and if the prices continue to be lesser than the $6800 region even after the end of the day, that’s when the bulls are going to get worried as they are likely to then have a big battle in their hands over the short and medium term. They seemed to be in control of the market till about a day back but this fall has been quite unexpected for them. It is going to take a lot of work from them to bring back the confidence in the market for the other traders else they risk getting further losses.

The ETH market has been comparatively stable when compared to the BTC markets but like the rest of the crypto market, it cannot rise in an isolated manner and hence we are seeing the prices below the support region in this market as well and it is likely to find it very difficult to recover in the short term.

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Forecast

Looking ahead to the rest of the day, it would be interesting to watch the price action for the day and a close below the $6800 region would confirm that the bears are back in control of the markets.

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