Bitcoin and Ethereum Price Forecast – Some More Consolidation

It has been a very slow and low past 24 hours in the bitcoin world and when compared to all the volatility that we had seen in the markets just a couple of weeks back, the traders would be excused if they were stifling a yawn yesterday. Also, the holiday in the US on account of Independence Day yesterday did not help matters at all and the bitcoin market was fully into consolidation and ranging yesterday.

We had mentioned this in our forecasts over the past couple of days where we had pointed out that the bitcoin prices were likely to consolidate and trade within a tight range in the short term as the investors and the traders get used to this new price band range and it is likely to take them a bit of time to digest this fact and then look ahead to the coming days. The rise over the last few months has been so high and so fast that the investors and traders were caught by surprise and with increased competition for attention in the cryptocurrency world, we are seeing the bitcoin traders being spoilt for choice which is another reason for the prices to range.

Bitcoin Forecast

Looking ahead, we do not expect too much change today though the market is likely to be a bit more volatile today than yesterday. We have some important news from the US in the form of the FOMC minutes and we believe that it is likely to have an impact on the bitcoin prices in the short term. As we always mention, traders would be well advised to wait for support regions to buy.

Ethereum Near Strong Support

The ethereum prices have corrected a bit and trade above the support region at $260 and so far, it looks as though the support region would hold and would cause the prices to bounce in the short term. Traders are still reeling under the effects of the large drop couple of weeks back and we feel that it would take a bit of time for them to regain the confidence. But considering the history of the price action, we believe that the region around $260 would be a good place to invest as far as ethereum is concerned.

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