Bitcoin and Ethereum Price Forecast – Prices Consolidate Ahead of Next Move

The bitcoin prices continued to consolidate but what should make the bulls happy is the fact that the prices have been consolidating clearly above the $6000 region which is within earshot of the all time highs. This opens up the possibility that another attempt at the all time highs and beyond is just around the corner and this should lead to another quick $200 or $300 move within the next couple of days or so, depending on how the consolidation goes through. The traders would do well to keep their stop losses in place in case the consolidation decides to bring in a breakout in the opposite direction.

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Bitcoin Prices Consolidate

Yesterday an attempt was made to break through the $6300 region but this was met by some quick selling which then forced the prices back to the $6100 region where the bitcoin market continues to trade as of this writing. There has not been any major news from the bitcoin industry of late though there is speculation that the Chinese regulators might start an official and regulated bitcoin exchange pretty soon to replace the many private exchanges that were operating and that were banned only a few weeks back. It remains to be seen whether this news is true and whether this would lead to more relaxations as far as bitcoin trading and ICOs are concerned, from the Chinese regulators.

The Ethereum prices continue to trade just above the $300 region and they too have been consolidating over the last 24 hours undecided in the direction that they want to go. The traders of ETH would also be watching the developments in China pretty closely as any relaxations in the ICO norms from them is likely to be beneficial for the ETH market as well.

Forecast

Looking ahead to the rest of the day, we are likely to see the consolidation in the bitcoin market continue for the day and maybe a breakout later in the week. The same can be said of the ETH prices as well though the possibility of a breakout in the ETH market looks distant at this point of time.

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