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Colin First
bitcoins

The bitcoin market finally seems to have shaken off its lethargy and has since started moving higher over the weekend. Though it could be argued that the prices moved higher on low volatility during a weekend, it has to be noted that several moves in this market have happened only over the weekend only and the traders have been able to sustain the weekend moves through the week, in general. Though there does not seem to be anything fundamental that caused these moves, it could be due to the simple fact that the investors and traders have since been gaining more confidence in the bitcoin market and have tended to forget the happenings in the Chinese market.

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Bitcoin Prices Push Up

Though the Chinese market was once the dominant force in the bitcoin industry, over the last few months, we have seen many other countries pose a serious challenge to them, mainly the Asian countries. So, the action by the Chinese regulators did have a huge impact on the industry but was not a death knell to the market as such as the dependency on China has reduced over the last few months. It is in this context that we are seeing the prices move higher again as it now trades in the resistance region of $4600 as of this writing and it is likely to face some selling here but the uptrend seems to be back again.

Bitcoin 4H

On the other hand, the ETH market seems to be stuck as it is weighed down by the action of the regulators of various countries, on ICOs, which are basically built on ethereum. Also, the fork that is scheduled to happen in ETH next week is also likely to weigh on the minds of the investors and traders and hence we are seeing only slow and steady action in the ETH market.

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Forecast

Looking ahead to the rest of the day, we are likely to see some consolidation happening in the BTC prices in this region where it is likely to see some strong selling. It is also very close to its all time highs which should also slow down the moves. The ETH market has broken through $300 which should serve as decent support for now.

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