Bitcoin and Ethereum Price Forecast – BTC Prices Under Pressure

The BTC prices are trading below the $9000 region as we enter into danger territory as far as the prices are concerned. We have been repeatedly mentioning that the region around $8800 is likely to act as strong support and also the line in the sand for the bulls and the bears. If the prices break through this region, then we are likely to see the prices fall even further but as long as the prices are above this region, then we should be seeing the bulls continue to be in control of the market as such. We believe that the bulls remain in control at this point of time and that the trend is still up but all that could change in a matter of a few hours.

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Prices Below $9000

There has not been any major fundamentals that has led to the latest push lower in the BTC markets but it is generally the overall short term trend that seems to have set in over the last few days which is bringing in this weakness and eroding the general investor sentiment. The bulls need to make their stand pretty soon and show who is in control if they want to have any further chances of propping the prices up else they could easily lose control in due course of time and this would not be good in the medium term.

The ETH prices have also taken a cue from the BTC market and have dropped lower but with the support around the $700 region still a bit far away, the bulls continue to remain in control. The prices are back below the $750 region and this should be a matter of concern for the bulls for the short and medium term.

Forecast

Looking ahead to the rest of the day, it is going to be a crucial day as we head towards the weekend. We will have to watch the price action closely today and over the weekend and see whether the support prices manage to hold or whether they give way.