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Colin First
BTC/USD daily chart, June 18, 2018
Virtual money Golden bitcoin coin against currency chart and graphics

The BTC prices have been in tight consolidation over the last couple of days as the moves and the volatility in the market have been pretty much limited. The bulls have not been able to capitalise on the push higher that we had seen in the prices a few days back and slowly the bears seem to be seizing back some of the control and this is one of the reasons for the consolidation and the ranging to continue for the last few days. There is no momentum in the prices as yet and that is why we truly believe that we are back in the range that we have been seeing in the markets over the last few months and this is set to continue in the short term.

BTC Prices Still in Range

Though there have been several calls for the BTC prices to push higher beyond the 10K region by the end of the year, there has not been any sign of such momentum being generated in the markets and even the sporadic moves higher, that we have been seeing pretty occasionally, have been met with some strong selling which has pushed the prices lower and back into the range. So the calls for BTC prices rushing higher beyond $10,000 or $15,000 seems to be out of the question for now.

Bitcoin 4H

The ETH prices and the market has been hit hard by the inability of the development team to bring in the required changes and forks in the network that have been promised for long. They have struggled to hit the required schedules and this is beginning to affect the confidence of the investors. This has in turn led to the prices moving lower and they continue to trade around the $200 region as of this writing.

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Forecast

Looking ahead to the rest of the day, we do not have any major fundamental or economic news as of this writing and so we can safely expect that the consolidation and ranging would continue for another day today. There is not much happening in the market and the volatility also continues to be low.

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