Bitcoin and Ethereum Price Forecast – Ethereum Prices Coiling Up

The bitcoin prices continued their ranging and consolidation between the $2400 and $2700 as we had mentioned in our forecast yesterday. So far, the bitcoin prices seem to be unaffected by all the talk of a fork coming up on August 1, which could possibly lead to a break up in the bitcoin market. Things are yet not very clear on what exactly is likely to happen as a result of the fork and it is better for the speculators to stay away from the market for now and see what happens after the dust settles down.

Bitcoin Waiting for the Fork

The bitcoin prices did try to make an attempt at the $2700 highs but so far, it has just been a quick trip and this move was heavily sold into and now the prices are back in the $2600 region. As we had mentioned yesterday, it is better for the traders to wait for the break in either direction and then take a call on which trade and which direction they would like to take the trade in. The bitcoin traders would also have to keep the upcoming fork in mind and that is one of the reasons why we expect the bitcoin market to be quiet in the meantime.

The ethereum prices have also gone into a cocoon and they seem to be trading in a very tight range as well. In fact, the ranges seem to be getting tighter and tighter which raises the possibility that the prices are coiling up and getting ready to make a large move once the ranging is completed and breakout happens. On the other hand, the ethereum market continues to be in demand in general with the number of ICOs coming into the market, showing no signs of a let up.

Forecast

Looking ahead to the rest of the day, we expect the bitcoin and ethereum prices to continue to consolidate and range for the rest of the day though the coiling up of the ethereum prices does point to a possibility that we are going to see a large move sometime very soon. The bitcoin market is likely to wait till August 1 for such a move and till that time, it is better for traders to wait on the sidelines and watch the action.

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