Bitcoin and Ethereum Price Forecast – Prices ChoppyThe prices have been chopping around $8000 over the last 24 hours
The BTC prices have been chopping around over the last 24 hours which is a further sign of consolidation and ranging. The prices have been moving on either side of $8000 but so far, the moves have been pretty limited and we have not seen any signs of a breakout as such. We continue to believe that the bulls are firmly in control of the BTC market at this point of time and as long as the support region around $7800 continues to hold, we should see the bulls retaining control and hence the risk is to the upside only, as far as this market is concerned. The bulls would be aiming to break through the selling in the $8300 region and once they are through that, we should see the prices breakout till the $9000 region.
Prices Chop Around $8000
The BTC market continues to mature on a daily basis and the fact that the prices have been strong is likely to attract more and more investors. Also, we are increasingly seeing some sophisticated investors getting encouraged with the price action and being attracted and this is again a sign of maturity in the market. Small news, like the shutdown of the Kraken exchange in Japan, have failed to have much of an impact on the markets and this is a good sign that the risk is getting spread.
The ETH prices have also been trading in a tight range on either side of $500 and this is something that we have been saying over the last couple of days. The market has been buoyed by the strong performance in the network and this should keep the market in good stead.
Looking ahead to the rest of the day, we should see the beginning of the next leg of the bullish run in a short while. We believe it could begin towards the end of the day but it remains to be seen whether this would be able to break through the strong selling. We would advise traders to have the range between $7800 and $8300 as a no-trading region and then pick the direction on a breakout.