Bitcoin and Ethereum Price Forecast – The Price Rise Continues

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Published: Feb 15, 2018, 04:31 UTC

The prices continue to move higher as we head to the end of the Chinese holidays which is likely to have an impact in the market

The BTC prices continued to move higher over the last 24 hours as the prices broke through the $9000 region and now trade near the $9500 region and it looks as though it is set to challenge the $10,000 region in due course of time. The fact that this is happening as we heard towards the end of the holidays in China seems ominous for the bulls and if the past history is anything to go by, we should see the prices accelerate higher in the coming week or two. The amount of crackdown and regulatory news in the market also seems to have died down a bit and this has also helped to reduce the jitters among the traders and investors.

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BTC Prices Rise Through $9000

As we have mentioned, the prices had been hit hard last month on the back of a lot of bad press and bad news from the various leaders and regulators and at one point of time, it looked as though the prices would slide into oblivion. But as has been the case since the beginning of the bitcoin market, the prices have shown a lot of resilience over the last couple of weeks and they have managed to stage a strong bounce during this period and the rise has been slow and steady and not as violent and volatile as it usually is. This shows that the speculators have been shaken out and it is more about the bigger traders and investors in the market now.

Bitcoin 4H

The ETH prices have also been rising steadily higher and yesterday, we saw the prices break through the $900 region and it looks set to challenge the $1000 region in the short term. Like the BTC prices, the prices of ETH have also risen in a slow and steady manner which should give a lot of confidence to the traders for the bull run to continue.

Forecast

Looking ahead to the rest of the day, we do not have any major fundamentals to drive the prices in either direction and so we can expect some consolidation to happen with a bullish bias as the BTC prices get ready to challenge the $10,000 region and the ETH prices get ready for the $1000 challenge.

About the Author

Colin Firstauthor

Colin specializes in developing trading strategies and analyze financial instruments both technically and fundamentally. Colin holds a Bachelor of Engineering From Milwaukee University.