Bitcoin and Ethereum Price Forecast – BTC Prices In Consolidation Phase

The bitcoin prices have been consolidating over the weekend after having achieved all time highs once again after breaching through the $7400 region for a brief while. As we have been saying in many of our forecasts, the bitcoin prices have a specific pattern as far as the price action during bullish trends are concerned. This involves a large move up, followed by some consolidation and correction before another bullish leg higher. The breadth of the consolidation and the depth of the correction is something that confuses the traders and that is why we have been advising our traders to trade with stop losses and ensure the right trade sizes and to stick to regions of technical support so that they can take full advantage of the bull run in the bitcoin prices.

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Bitcoin Prices Might Correct Lower

Now, we are in the consolidation phase as the speculators who have made enough profits have begun to take some of their profits off the table and look for the correction phase so that they can load up further if and when the prices move down. If the correction turns out to be larger than expected, then we can see the prices move towards the $6800-$7000 which may be the region that the traders would be looking for to add to their positions and buy more. It remains to be seen whether the situation is ripe for such a large correction and that is likely to be known within the course of the day.

The Ethereum prices continue to lounge at the lows, as it has been doing over the last few weeks. It continues to trade below the $300 region and it has been unable to push on beyond the $320 region for the last several weeks which has made some investors to bail themselves out of this market looking for better opportunities elsewhere.

Forecast

Looking ahead to the rest of the day, the bitcoin market is getting itself ready for the next fork which is scheduled to happen in the middle of the month and hence the prices might be ripe for a correction as some investors would want to pull out and see the effect of the fork before getting back in again. In the ETH market, expect some more consolidation and ranging in the slow market.

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