Bitcoin and Ethereum Price Forecast – Prices Consolidate and Range

The BTC prices were in a mode of consolidation over the last 24 hours as the market seems to be in a mood for ranging. There has not been any major developments on the fundamental side and hence it makes sense for the investors and the traders to take it easy during this period and wait for the next breakout to happen. A day does not pass without any news from the regulators on bitcoin around the world but over the last couple of days, we have seen things settle down as the regulators begin to realise that they need to work on methods to regulate the industry rather than trying to put a full stop to the whole thing.

Suggested Articles

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

BTC Prices Consolidate

This scenario is also being enacted in the way the prices have been moving in the BTC market over the past couple of days as the market struggles for direction. We believe that this choppiness is likely to continue in the short term and this consolidation should open the way for bigger gains in the coming days. The market is locked in a battle between the bulls and the bears for control and we believe that we should see a breakout in either direction quite soon. It is advisable for the traders to bide their time and wait for the same.

The ETH prices have also been pretty much stagnant over the last 24 hours as the market consolidates and awaits the next direction. The prices have been hovering around the $800 region during this period and we expect the ranging to continue in the short term as the traders decide which way they want the prices to move. The fundamentals remain the same and we believe that ETH will strengthen eventually.

Forecast

Looking ahead to the rest of the day, we expect the consolidation and the ranging to continue for the day as the market awaits the next direction. We head into the weekend when the market slows down and the volatility dies down and hence it would be better for the traders to wait on the sidelines.