Bitcoin and Ethereum Price Forecast – BTC Prices Consolidate

The bitcoin prices continued to trade in a consolidation and ranging mode over the last 24 hours and this is likely to continue in the short term. What should encourage the bulls is the fact that they have been able to keep the prices above the $11000 region as of this writing which should give confidence to those on the sidelines as well. We had mentioned in our forecast sometime back that it is important for the prices to continue to trade above the $10000 region so that it would attract those on the sidelines and if and when that happens, the buying would increase and the confidence would increase even further and then we should see the BTC prices making a strong bullish run during that period.

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BTC Prices Stable

Now, that we are here, the next target of the bulls would be the $12000 region which has been a tough nut to crack for them over the past several weeks. But as we had mentioned in our forecasts yesterday, the momentum that has been built up this time has been good and the fact that the prices have managed to stay above the prescribed region has also helped the momentum and confidence as well and this could present the best chance yet for the bulls to make a brekout possible in the short term. A breakout could then lead to a large bullish move.

The ETH prices continue to flounder and this is likely to continue in the short term as the pressure of the uncertainty surrounding the network development has been making it very difficult for the traders to make a move in this market. As a result, the prices have been trading in the $850 region as of this writing.

Forecast

Looking ahead to the rest of the day, we do not have any major fundamentals scheduled to be released for the BTC or the ETH industries and hence we should see more of the consolidation and ranging in these 2 markets. We do not expect a breakout yet in the BTC prices but the traders should ensure that they are on the lookout for major moves.