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Bitcoin and Ethereum Price Forecast – BTC Prices Steady

By:
Colin First
Published: Jul 16, 2018, 04:44 UTC

The prices continue to consolidate and range as the lack of fundamentals is clearly showing up in the markets

BTC/USD daily chart, June 18, 2018

As we had mentioned in out forecast on Friday, the BTC prices have not moved by much over the weekend and they continue to consolidate and range. There is not much by way of fundamentals in the market and that is one of the major reasons why we are finding that the prices in the crypto market have pretty much stagnated. It is more of accumulation nowadays in the hope that the coins and the tokens would rise in value in the future based on the fundamentals. Also, the pattern that would be followed by the regulators in various countries is well known and established and hence there are no surprises nowadays.

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BTC Prices Continue Consolidation

This was not the case  last year when the regulators were yet to wake up to the possibilities of this market and they did not know how to handle this. They began to go about handling the market in a haphazard manner which led to the market reacting in a violent and volatile manner over the last few months of the year based on the developments in different parts of the world. But with the template now being well established, we are seeing that the traders and the investors are well used to the action that would be taken by the regulators. We are also seeing that many of the developed countries, in the crypto world, like China, Japan and South Korea along with the US, have made their stand clear and transparent as far as this market goes and this has helped the market and the prices to settle down in a slow and steady manner over the last few months.

Bitcoin 4H
Bitcoin 4H

The same is the case with the ETH market as well with the prices struggling to break out in either direction. We are also seeing that the prices are beginning to coil themselves into a tight range which might lead to the breakout in the coming weeks which is likely to be large and strong.

Forecast

Looking ahead to the rest of the day, we do not expect any change in the price action template that we have been seeing over the last few weeks with the prices expected to continue to range and consolidate.

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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