Bitcoin and Ethereum Price Forecast – BTC Prices Consolidate

The bitcoin prices have found some support in the $9000 region and have since rebounded and now trade in a quiet and steady manner as of this writing. It is likely to continue to do so in the short term as the bulls try to build up the momentum and they would hope to generate enough demand which would help them to push the prices through the $10,000 region. Their failure to do so was one of the major reasons for the profit taking that we saw over the last couple of days and they would want to make sure that they dont repeat the same mistake twice. It is now upto them to generate enough positive bias for the prices so that the next push would be faster and better as well.

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Prices Slow and Steady

The BTC prices are likely to continue to find some strong support nearby and as we have been saying over the last few forecasts, as long as the prices hold the $8800 region, we should consider that the bulls would continue to be in control of the instrument which would mean that the prices are likely to move higher from here. There are not many fundamentals supporting the prices at this point of time but the BTC market was never about fundamentals as such. This is something that the investors and the traders have to keep in mind and keep believing in the bullish side of the market.

The ETH had a bigger correction on the back of fears that the SEC might rule that it is a security but nothing of that sort has happened so far and this has been positive news for the ETH markets which has helped it to recover. The prices now trade comfortably above the $750 region and are expected to continue higher in the short and medium term as the bulls continue to be in control.

Forecast

Looking ahead to the rest of the day, we can safely expect the consolidation to continue for the first half of the day and we should see the bulls establish control once again as we head towards the second half of the day. The traders would do well to establish longs at regions of support with stop losses just below that.