Bitcoin and Ethereum Price Forecast – Consolidation Continues

Bitcoin prices continued to recover over the last 24 hours though the pace has clearly slowed down and we are seeing a lot of consolidation and ranging now rather than anything outrightly bullish. It is all a sign of a maturing market and the investors and the traders are getting a taste of the twists and the turns that are pretty normal for a matured market. The traders have been very much used to strong periods of bullishness followed by short periods of consolidation over the last few months. They have not seen such a large correction in recent times and that is likely to have jolted them back to reality and made them realise that it is not always going to be one way traffic and there are likely to be such periods of correction.

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Bitcoin Prices In Consolidation Mode

They would also have begun to realise that global news is also likely to affect the bitcoin prices and with news around the world rolling in at any point of time, the traders need to be wary about what is going on around them and not commit themselves too much. These are all things that already happen in a mature market and that is where this market is also moving towards.

The ethereum prices are also in a period of consolidation and ranging as the market awaits further details of what is going on in China and how that is going to impact the market. The ban on the ICOs by the Chinese authorities has clearly shaken up the market but as is the case with China, many of the related developments are still under wraps and the market would like the dust to settle before they decide on the next push.

Forecast

Looking ahead to the rest of the day, with the weekend looming and with lot of action generally happening over the weekend due to low liquidity, we might see some consolidation with a bullish bias for the rest of the day today in both the btc and the eth markets.

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