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Bitcoin and Ethereum Price Forecast – BTC Prices Correct Slightly

By:
Colin First

The prices have been pretty stubborn around the support region

Bitcoin Wednesday

The BTC prices have fallen slightly over the last 24 hours but this is unlikely to affect the investor sentiment at this point of time. This will be viewed more as a small correction than any major fall at this point of time and as long as the region around $8000 holds, there is no risk for the fall to go on for much longer at this time. It is likely that the consolidation and the ranging would continue in the markets for the short term as the market expects some direction in due course of time.

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Prices Still Find Support

If we compare the markets from last year, it is clear that the prices were in consolidation for much of the time during this part of the year. In fact, the consolidation continued till the month of July and it is only during the latter half of the year that the demand began to pick up and the prices also rose by more than 5 fold during that period. So, it is no surprise that the prices are consolidating for now and we can confidently say that the investors and the traders are slowly and steadily accumulating at this point of time and if that is indeed the case, then we should see the prices moving up higher from here in the near future. This is likely to be the train of though of many investors as well.

Bitcoin 4H
Bitcoin 4H

The ETH market has also been trading in a slightly dumbed down manner over the last 24 hours as the prices have been chopping on either side of the $700 region during this period. It is looking increasingly likely that this would be the action of the markets in the short term and the traders would need to wait out this period in a silent manner.

Forecast

Looking ahead to the rest of the day, we expect the consolidation and the ranging to continue with a bearish bias for most of the day today and it would not be a surprise if the same action continues for the short term.

About the Author

Colin specializes in developing trading strategies and analyze financial instruments both technically and fundamentally. Colin holds a Bachelor of Engineering From Milwaukee University.

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