Bitcoin And Ethereum Daily Price Forecast – Major Crypto Coins Bleed RedBitcoin and legacy cryptos kick of the week bleeding in red as bears finally managed to gain some leeway.
The cryptocurrency market has finally come to bear’s playground. While the month of February saw positive performance overall, the latter half of the month began showing signs of bullish exhaustion. There was even an attempt by bears to take control of price action ahead of Constantinople hard fork schedule. But history failed to repeat itself as the downside move turned out to be nothing more than a small correction with all losses recovered in a short time frame. Meanwhile, headlines and comments from key regulatory authorities had confirmed that much-anticipated events in the crypto market – the debut of CBOE’s Bitcoin ETF and Bakkt platform’s Bitcoin futures are likely to be delayed till the end of March 2019 or maybe even later.
Profit Booking Was Triggered Owing To Lack Of Bullish Progress Following ETH Hard Fork
This took away a great deal of fundamental support from the market. However, price action consolidated well above critical support levels ahead of Constantinople network upgrade as investors wanted to wait till the last momentum to book profit and also wanted to observe the reaction on retail participants and minors following the network upgrade. This left price action flat till Friday last week and as most people had expected there was no major change in price move as traders were expected to book profits and prospect of the same totally shut down any chance for bullish price action. However, one thing remained the same i.e., the price activity pattern had been the same so far since February which is that a great deal of activity takes place during weekends. And while the decline hasn’t been as sharp and instantaneous and deep as expected bears have begun to take control of price activity in Bitcoin and other major legacy cryptocurrencies. Sunday saw traders begin to book profits and the momentum carried forward onto Monday resulting in sharp declines.
Both Bitcoin and Ethereum saw significant loss with BTCUSD pair falling below $3800 handle down by nearly 2.5% while ETHYSD pair fell below $135 and $130 handles over the weekend and Monday settling all the way down at $126 below which there is next critical support price handle at $125 mark down more than 4% on the day. Moving forward, investors are expected to wait to see if there will be some level of upside price action as they await headlines from Russia on regulatory proceedings. In the meantime, there will be strong support near $3700 handle and $125 handle for bitcoin and Ethereum near which range-bound price action is expected to continue in the immediate and near future trading sessions until there is next bout of sharp bearish decline.
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