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Bitcoin prices continued to skyrocket as the prices have now breached the $6800 region and continue to look strong and capable of moving through the $7000 pretty soon. We had mentioned yesterday in our forecast that the decision of the CME to introduce futures trading for digital currencies, subject to approvals from the required authorities is likely to give a boost to the bitcoin industry and it turned out to be true. This news was released pretty late in the US on the day before and once the rest of the market got an opportunity to react to this report, we saw some large scale buying of bitcoins in the Asian and European market which has since pushed the prices higher.

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Bitcoin Prices Push Through $6800

This is likely to continue and push the prices beyond $7000 which appears only to be a matter of time at this point. We had also said that the region around $6800 is likely to serve as a point of resistance and thats why the price is resting at. The bitcoin industry has been moving from strength to strength over the last couple of months and the increased volatility not only gives the temptation of huge returns but also presents the danger of large risk as well. That is why it is important to stick to technicals and regions of support and resistance and ensure that the trades are made with tight stop losses as the bitcoin prices seem to follow the technicals quite strictly.

Bitcoin 4H

The Ethereum industry is now going through a churn as the roadmap continues to be a bit murky. The Devcon3 conference among the developers of Ethereum has been going on over the last 24 hours and so far, the outlook seems to be a bit glum, if the happenings at the conference are anything to go by. This has led to a drop in the ETH prices which now trade below the $290 region as of this writing. It is indeed a big surprise that the ethereum prices have continued to remain unaffected by the bitcoin prices and have, in fact, been moving in the opposite direction to that of bitcoin.

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Forecast

Looking ahead to the rest of the day, we expect a bit of consolidation in the bitcoin prices before the traders take a crack at the $7000 region which should only be a matter of time. Ethereum prices are likely to continue to remain weak as the developers conference continues to progress.

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