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Bitcoin and Ethereum Price Forecast – BTC Prices Stable

By:
Colin First
Published: Jul 10, 2018, 07:22 UTC

The BTC prices have been a bit stagnant over the last 24 hours which is the case with the rest of the crypto market as well as they wait for some overall direction

Bitcoin and Ethereum Price Forecast – BTC Prices Stable

The BTC prices have been trading within a tight band over the last 24 hours which is something that is quite expected considering the fact that the market itself has been trading within specific limits and it is expected to consolidate over the next few weeks. This is something that has been going on for the past few weeks as well and we do not expect this consolidation to end during the course of this month atleast. The consolidation is due to a variety of factors that have already been discussed in many of our forecasts and since then, none of the factors that has been involved in this ranging, has changed and this is the reason why we believe that the bulls and the bears would find it difficult to push the pair in any specific direction.

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BTC Prices Slow and Steady

Of course, the bears seem to be in control at this point of time and as long as they do remain in control and the prices are below the $6800 region, we are going to see the bulls struggle. As mentioned before, the $6800 region seems to be the line in the sand as far as the bulls and the bears are concerned and below that the bears are in control and above that, the bulls regain back the control. We continue to believe that this would happen ultimately and that it is only a matter of time before the bulls start pushing the prices higher but it is important for the traders to not only get the direction but also to get the timing of the push in that direction so that they can get their trades right.

Bitcoin 4H
Bitcoin 4H

The ETH market has also been dull over the last 24 hours and like the rest of the crypto market, it is expected to continue to be so in the near future. Also with the resistance region just ahead, we believe that the market would consolidate and range.

Forecast

Looking ahead to the rest of the day, the resistance regions are just ahead for boh the BTC and ETH markets and hence expect the action to be limited and also with a bearish bias as well.

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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