Bitcoin and Ethereum Price Forecast – BTC Prices Move Lower

The BTC prices have been struggling to move higher over the last 24 hours as the improvement in the risk sentiment has had little impact on the prices. The BTC prices trade below the $7200 region as of this writing and it looks as though the bulls have lost control and are now at the mercy of the sellers. We see some strong support only in the $6600 region and hence there is some real danger that the market might be attracted towards that price region and it is important for the traders to take note of the same.

Suggested Articles

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

Prices In Danger

We had expected the removal of risk over the weekend to life the markets higher but that hasn’t happened so far. The broken support turned resistance at the $7800 region looms ahead and it is going to be a difficult task for the traders to push ahead with the selling that is being seen in the markets. There are not any major fundamentals associated with the current status of the crypto markets at this point of time and that is usually the danger that is associated with these kind of markets which lack the basic fundamentals. Just as there is not much reason for the prices to move higher, there is not much reason for them to move lower as well.

The ETH market seems to be one of the worst affected by this fall in the crypto markets over the last few days as the prices now trade near the $500 region and now run the risk of falling below this region anytime soon. The ETH market does continue to have some strong fundamentals associated with it but that hasn’t been given an opportunity to shine through.

Forecast

Looking ahead to the rest of the day, we believe that the weakness in the markets would continue for the short term which would drag the BTC prices below the $7000 region and the ETH prices below the $500 region in due course of time.