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Bitcoin Wednesday
Bitcoin Wednesday

The BTC prices fell back into range and as we have been saying many times over the last few days, this is likely to continue in the short and medium term as well. We do not find any reason for the prices to make a breakout on either side of the range and hence the prices are only going to consolidate in the coming days. The prices are back below the $6500 region and though there might be a temptation to find a reason for the fall, we would advise our readers to not to try and look at it too much as this has been the case over the past several weeks. The market has become settled more or less over the last few weeks and we are seeing increasing signs of maturity, unlike the same time last year where even little bits of news were met with the prices moving up very quickly or moving down very quickly as well.

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BTC Prices Correct Lower

With the market maturing, we are seeing that the volatility is also dying down along with it and this is a good sign for the near future for the crypto markets. This is what is likely to attract the more saner traders and investors and this welcome sign is only going to attract more and more investors in due course of time. So the traders have to sit tight in these quiet times and hope that things begin to change and become more volatile and there is a breakout in the near future which would make the trading attractive for the day traders.

Bitcoin Hourly

The ETH prices have also fallen below the $450 region as of this writing and it is likely to continue to trade under pressure like the rest of the crypto market. It has been quite some time since the ETH market behaved in an independent manner and we dont think this would be the case anytime soon as well. So, the traders do not have much of a choice but to ride out this slow and steady time.

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Forecast

Looking ahead to the rest of the day, we do not have any major fundamental or economic news that is going to affect the crypto market and hence the traders would be well advised to note that the consolidation and ranging is set to continue for the short term.bitc

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