Bitcoin and Ethereum Price Forecast – Prices Consolidate

Bitcoin prices continued to trade in a buoyant manner over the weekend as the prices have pushed through the $8000 region and now trade comfortably above that region. We did see some amount of selling in the $8300 region which was something that was expected but this should not reverse the trend as such. The bulls are finally and firmly in control at this point of time and the current correction that we are seeing is probably due to the traders who did not trade during the weekend and hence selling it lower and pushing the prices down so that they can buy at cheaper prices.

Suggested Articles

• Why Bitcoin Cash is Better than Bitcoin?
• How to Buy Bitcoin Cash?
• How to Short Bitcoin?

Prices Push Through $8000

The bullish leg is likely to continue for the short term and once the selling in the $8300 region is overcome, we should see the prices heading towards the $8800 region. We believe that this bullish leg has enough strength and momentum to challenge the $10,000 price region in due course of time and as long as the prices continue to move higher, the demand will continue to be there and hence it is likely that the move higher would get further fuel and this would then set off a cycle of further buying in due course of time. The bulls would be wishing that this momentum continues for them to attract more and more buyers and make their job easier.

The ETH prices have also been scurrying higher and the pressure on the prices, due to the network and development issues, seem to be a thing of the past as the prices trade comfortably above the $500 region as of this writing. Some correction is taking place at this time but this is likely to be shortlived as the prices seem to be set to challenge the $700 region in due course of time.

Forecast

Looking ahead to the rest of the day, we do not have any major economic or fundamental news for this market but it is likely to see some consolidation with a negative bias as the traders return after the weekend and try to take profits.