Bitcoin and Ethereum Price Forecast – BTC Prices Choppy

The BTC prices continue to chop around over the last 24 hours as the prices have been hit by more action from the SEC. The SEC has said that it would look at the ICO industry very closely and that it is highly likely that many of the ICOs would be deemed as securities and hence would be deemed as illegal as most of them have not got the required permissions and followed the regulations. This would also mean that the exchange listing them would be deemed as being party to this illegality. To be honest, this is something that the SEC has been saying all along and this is not something that is new.

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BTC Prices Consolidate

The SEC has been adamant that most of the ICOs should be deemed as securities and hence this announcement does not add anything that the market does not already know. It is just that the investors and the traders seem to be on the edge that they seem to want to sell BTC at any hint of trouble and that is why we are seeing so much uncertainty and confusion in the markets. This is reflected in the form of choppy trading in the BTC market over the last few days and it is likely that it will take a bit of time for the market to settle down and for the bulls to launch another attempt at breaking through the $10,000 region once again.

The ETH prices have also been struggling to hold on to the $700 region and we have been seeing it bounce off the strong support region around $680 quite a few times over the last couple of days. It still trades around the lows of the range and it is likely that the prices might bounce from here. But if the situation turns bad for the crypto industry in the short term, all hell is likely to break loose once the support at around $680 is gone.

Forecast

Looking ahead to the rest of the day, we can safely expect the consolidation and the ranging to continue for the short term as the investors and the traders wait for the market to digest all the news over the last couple of days and this would then help them to gain some confidence for entering the markets again and pushing it higher again.