Bitcoin and Ethereum Price Forecast – BTC Prices Move to Support

The BTC prices have fallen lower and the support region between the $7800 and $8000 regions is under threat once again. It remains to be seen whether the bulls would continue to be able to hold on to this region and push the prices or would they buckle under the pressure and give off their control to the bears. While we were quite hopeful that the bulls remained in control, we were also apprehensive of the length of time that the market has been taking to move the prices higher. We believe that what we were seeing was accumulation but the length of time of the consolidation and ranging has led to tiredness among the traders and the investors who were weak and who do not have the capacity to hold on for long.

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Prices Under Pressure

We are probably seeing them exit at this point of time in the hope of better prices in the near future. That is why the profit taking is dragging the prices lower and lower in due course of time and we are seeing the support regions under threat at this point of time. Unless the bulls make a stand here and begin to push the prices higher once again, we could see the market pass into the grip of the bears which would in turn mean that we are looking at the prices much lower from what they are right now.

The ETH prices have also dropped below the support region at $680 and now trade below the $650 region as of this writing. This points to further weakness in the ETH markets in the coming days which could lead the prices even lower over the next few days.

Forecast

Looking ahead to the rest of the day, the biggest point of interest for the traders would be to see whether the BTC prices would be able to hold on to its support region. Also, the fall in the ETH prices has been large and hence the recovery is likely to be slow and painful as well, if at all it happens in the short term.