The BTC prices continued to consolidate for one more day but the ETH market seems to have got tired of the consolidation and ranging and has since decided to go on a bullish trip over the last 24 hours. The BTC prices have been reduced to a tight range over the past few days and all that this means is that the breakout, if and when it does happen over the next few days, is going to be fast and furious. The bulls would hope that this would happen soon and it would be to their advantage if that happens but as long as the range is broken, no one can be very sure which direction the breakout would be.
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Prices Buoyant
So far, the support region has held up pretty well and any visit to that region has been met with some strong rebound during this period. All this points to the fact that the bulls are still in control and the risk is to the upside only. But as we usually point out, any such move needs to happen in a pretty quick manner else the bulls and the normal traders are likely to get tired of the slow movement and begin to sell off as well, which could place the move in danger in the coming days. So, we will be watching the price action pretty closely for any signs of weakness but so far, there has not been any such thing.
The ETH prices have shot higher in a variance from the way that the BTC prices have been moving. The prices have since shot through the $700 region and this is a well deserved break for the bulls. They would now hope to build on this breakout and push the prices towards the $800 region in due course of time.
Forecast
Looking ahead to the rest of the day, we expect the buoyancy to continue for the rest of the day in both the BTC and the ETH markets. The bulls in the ETH markets would hope that they would be able to hold their ground and build on the gains during the course of the day while the BTC market would also hope for some kind of a breakout taking a cue from the ETH markets.