Bitcoin and Ethereum Price Forecast – BTC Prices Correct on Profit Taking

The BTC prices flunked just short of the $10,000 region over the weekend and this has turned out to be a disappointment for a large section of traders. They had expected the prices to fly through the region and continue on their bullish leg but the fact that it has failed to do so has led to some profit taking and correction as well. The traders and investors are now uncertain on the strength and the momentum of the bullish leg and hence the weak holders have decided to abandon ship and this has led to a correction over the last 24 hours which has led the prices back below the $9500 region as of this writing. This is likely to be a short term correction only, in our opinion.

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Prices Failed to Clear $10,000

The prices are expected to pick up again with the key being the $8800 region on the downside and the $10,000 region on the upper side and the traders would be looking for a brakout on either side so that they can then jump on the bandwagon. The bulls would be hoping that some renewed liquidity, as the traders come back from the weekend, would help them to push the prices higher once again on the next leg but it is likely that the traders who bailed out over the last few days would rather wait for a breakout, making the job of the bulls that much more difficult.

The ETH prices have also suffered a large correction as the prices have fallen through below the $800 region over the last 24 hours and now trade just above the $750 region as of this writing. The SEC is expected to decide on whether the ETH is a security or not and though it is generally expected that the SEC would rule that it is not, we will have to wait and see.

Looking ahead to the rest of the day, we do have something to look forward to, fundamentally, in the ETH market and that is likely to keep the traders busy. There could be a bullish run in the ETH prices if and when the SEC rules that it is not a security but we will have to wait and see how strong the momentum is.