Advertisement
Advertisement

Bitcoin and Ethereum Price Forecast – BTC Prices Rocket to $7300

By:
Colin First
Published: Nov 3, 2017, 07:47 UTC

The bitcoin prices continue to skyrocket as the prices broke through the $7000 region and begin to trade in the $7300 region as of this writing. Though

Bitcoin Friday

The bitcoin prices continue to skyrocket as the prices broke through the $7000 region and begin to trade in the $7300 region as of this writing. Though the bulls would be happy to see the prices moving higher at breakneck speed, they would do well to remember that the risks and the pitfalls are equally drastic as well. The momentum and the volatility has been huge, even by the bitcoin standards and in normal markets, such drastic moves would be viewed with a semblance of doubt on whether the instrument is being pumped for dumping later. New traders would not want themselves to be caught in this vicious circle and would do well to stick to strong areas of support and resistance in planning their trades.

Get Into Bitcoin Trading Today

Bitcoin Prices Move Still Higher

The prices have been moving higher over the past couple of days and so far, the liquidity has been pretty good as well. Apart from the good news about CME considering the introduction of futures for digital currencies, there has not been any other major fundamental change as far as the bitcoin industry is concerned and hence this price rise should be considered as being driven purely by demand at this point of time. This surge in demand, especially in Asia, augurs well for the industry but speculators should take care of not being carried away by all the euphoria surrounding the move higher.

Bitcoin 4H
Bitcoin 4H

The Ethereum prices continue to flounder and the prices trade below the $300 region as of this writing. The devcon that is going on hasnt done enough to inspire confidence in the ETH industry and that is a cause for concern and one of the reasons for the prices to be low at this point of time. If this consolidation and trading at the lows of the range continues for longer, then the ETH industry would expose itself to the risk of a larger correction.

Forecast

Looking ahead to the rest of the day, it remains to be seen where this bitcoin train is going to take a bit of a break. We expect the prices to take a small halt at the $7500 region but how long this is likely to last is anybody guess. On the other hand, the ETH prices are likely to continue to trade in a weak manner.

The Best and Safest Way to Buy and Sell Bitcoins

For those who are looking to take advantage of Bitcoin and other cryptocurrencies price fluctuations, some brokers provide traders with instant access to trade Bitcoin, Bitcoin Cash, Ethereum and other cryptocurrencies. The process is fast and easy with convenient and advanced trading platform (desktop and mobile), low spreads and instant execution. Click here for more details.

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.

Did you find this article useful?

Advertisement