Bitcoin and Ethereum Price Forecast – BTC Prices Correct Below $9000

The BTC prices have corrected lower today and now they threaten to break through the strong support in the $8800 region and if and when that happens, it will open the way towards $8400 but more importantly, it would mean that the bulls have lost the dominant control. That would be a bad omen for the bulls and it is something that they would not want to face at this point of time. They had been doing well since the past week in building the bullish momentum and though they can manage with some correction, we dont believe that they are ready for  reversal as such.

Suggested Articles

• Why Bitcoin Cash is Better than Bitcoin?
• How to Buy Bitcoin Cash?
• How to Short Bitcoin?

Prices In Danger of Reversal

A loss of that support would mean that the bears would begin to regain control in a slow and steady manner and that is likely to muddle the bull trend picture. It would also jeopardise the chances of the prices pushing through the $10,000 region and this could lead to some choppy trading in the short term. The bulls would need to make a stand sooner or later so that they would be able to push the prices higher and give the traders and the investors the confidence that they are still in control for the short and medium term and that is likely to encourage a lot of buying in this period.

The ETH prices have also fallen hard and just as how the bullish momentum was strong in the beginning of the weak, the fall has also been almost equally heavy and the prices are now in danger of breaking back through the $600 region which would then hand back the control to the bears.

Forecast

Looking ahead to the rest of the day, we are likely to see a strong battle between the bulls and the bears for the day and the traders would be well advised to watch the price action slowly and if they are not in the market as yet, they would do well to wait and see how the prices go and who is in control before making their decision to buy or sell.