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Bitcoin and Ethereum Price Forecast – BTC Prices Recover

By:
Colin First
Published: Dec 26, 2017, 08:56 UTC

The bitcoin prices have recovered over the past couple of days and it now trades above the $15000 region.

Bitcoin and Ethereum Price Forecast – BTC Prices Recover

The bitcoin market has had a general recovery all across the board over the last few days as the market continues to show some resilience in the midst of some serious profit taking in the bitcoins over the last week or so. Ever since the futures were introduced, the bitcoin prices have been on the backfoot and it remains to be seen whether the introduction of the futures has had a role in that or whether it has been just a coincidence over the last couple of weeks. The bitcoin prices corrected lower over the last week or so and it went even below $12000 at one point of time and it appeared that once again the traders were jumping ship.

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Prices Push Above $15000

Many of the industry watchers became ready to write the death note for the bitcoin industry once again but the traders and speculators have proved them wrong again. The prices of bitcoin have turned around and moved higher over the last couple of days and it trades above the $15000 region as of this writing. It is likely to face a lot of selling and profit taking once again and this choppy action is expected to continue till the end of the year. It is likely that some clarity will emerge in the prices only during the early part of next year and till then, the traders have to deal with this choppiness and volatility.

Bitcoin 4H
Bitcoin 4H

As far as the ethereum prices are concerned, the prices followed the bitcoin industry lower but like the bitcoin prices, there has been a turnaround in the ETH prices as well which has since moved further higher and it now trades comfortably above the $700 region. This move higher is expected to continue in the short term.

Forecast

For the rest of the day, expect some consolidation and ranging to continue in the BTC markets as the prices face a lot of selling in the short term and hence find the move higher difficult as time goes on. The ETH prices are also expected to follow the bitcoin prices in consolidation and ranging over the next 24 hours.

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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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