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Bitcoin and Ethereum Price Forecast – BTC Prices Still in Range

By:
Colin First
Published: Nov 2, 2018, 09:19 UTC

The prices continue to hover around the $6300 region with a lack of pull or push in either direction

Bitcoin Friday

The BTC market continued to consolidate and range for much of the last 24 hours. This was the first day of the new month and it is likely that the traders are looking ahead and hoping that this upcoming month would be better than the previous month as October turned out to be dull and we also saw that the overall prices for the month had dropped. Seasonally, the BTC prices tend to pick up towards the end of the year and the traders and the investors would be hoping that this continues this year so that they can see some volatility in the markets and they would also hope that the prices move upwards.

BTC Prices Hover Around $6300

The reports and records show that the large investors are piling into the crypto market unlike last year when most of the market and the trading was dominated by retail traders and that is why we saw so much of volatility and the prices were going up in leaps and bounds. But this year, the market has been flatlining and we have been seeing that the market has been slow and steady making it look as though there is some consolidation and accumulation taking place at this point of time in the markets.

Bitcoin 4H
Bitcoin 4H

We will have to wait and see how the ETH market is going to react during the coming month as the market has been suffering of late and there does not seem to be any end in sight at this point of time. We are likely to see this continue in the coming weeks as the challengers begin to catch up on ETH and the developers in the network are going to be exposed to the market much more than what they have been used to over the last year.

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Forecast

Looking ahead to the rest of the day, we are approaching another weekend and as before, we do not expect much to happen in the market in the coming days. The market seems to have gone immune to developments in the various exchanges and the prices seem much more stable at this time and this is likely to continue in the coming weeks unless some major fundamental change happens.

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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