Bitcoin and Ethereum Price Forecast – Bitcoin Prices Get a Boost
The bitcoin prices have now moved ahead in another round of fresh buying, something that characterises the moves of the instrument and something we have been forecasting over the last couple of days. As this is a comparatively new market, it tends to follow technical price action and indicators and sometimes it is quite easy to predict the moves in this instrument. As long as the traders stick to the technicals and ensure that they have right trade sizes, considering the volatility in this market, they should be able to do well in this market. This is the only challenge that many of the traders face.
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Bitcoin Boosted by CME News
The fresh round of buying came about due to the announcement of the CME, one of the biggest exchanges in the world, that it would soon be introducing futures contracts for the digital currencies. Of course, the full structure of this is not know as yet but it is indeed a huge recognition for a growing market and marks one more step in the direction of the maturing of the market. This kind of recognition also paves the way for more acceptance of the digital currencies around the world and this has given a rightful boost to the bitcoin prices which have shot higher towards $6400.
The Ethereum market seems to be unaffected by all these happenings and continues to trade in the $300 region as of this region. The more consolidation that takes place in this market, the more is the possibility that the speculators might lose interest in this crypto and shift to others which seem to have better prospects in the short and medium term. This is something that the ethereum industry has to deal with and the investors would hope that some turnaround in the prices would arrive soon.
Looking ahead to the rest of the day, we believe that the bitcoin prices should now target $6500 within the next day or 2 and once this target is achieved, the price action needs to be watched closely for any further moves or for a correction. As for ETH, we believe the consolidation will continue.
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