Bitcoin and Ethereum Price Forecast – BTC Prices Unable to Make Headway

The BTC prices continued to wallow below the support region and the various analysts seem to be running out of words, in the meantime, to describe the kind of consolidation and ranging that we are seeing in the prices over the last several months. There does not seem to be any end to the ranging in sight and the traders, both bulls and the bears, have tried to push the prices to either side of the range during this period but with little success. They have tried to push it below the $6000 region only to see the prices bounce back in a quick span of time and then the bulls have tried pushing the prices above the $7000 region only to see the prices beaten back below that region in due course of time.

BTC Prices Still Stable

This has made the job difficult for long term traders but this seems to be right up the alley as far as the large investors and funds are concerned. They seem to be having a good time in accumulating at this point of time and it looks as though they are the ones who are holding up the prices over the last few months. This has encouraged other traders to also join them in the bullish note but this can only last as long as it is possible for these traders to hold. They would not be able to hold forever and many of the traders would expect to see some action in the following weeks so that they can start seeing some returns on their investment, else they would be forced to sell off their holdings.

The ETH prices also continue to float above the $200 region as of this writing and this has been the case over the last several weeks as well. There was a brief period when the prices did dip below the $200 region and this led to some panic selling but now the market seems to have got a hold of itself and now is stable.

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Forecast

Looking at the rest of the day, we are likely to see the prices continue to consolidate and range for much of the day and this isnt going to surprise any of the traders one bit. The lack of fundamentals behind the BTC prices is beginning to tell.