Bitcoin and Ethereum Price Forecast – Prices Continue to Range and Consolidate

The BTC prices have continued to consolidate and range over the last few days. The support has not broken as yet which means that the bulls continue to be in control over this period and going forward as well. Till the support is broken, it is likely that we have to assume that the ongoing consolidation is more of a correction rather than a change in trend and have to deal with it accordingly. There have not been any major fundamental changes to the network and hence there is no need for any change in the perspective of the market as such. Hence it is safe to assume that the next bullish leg would be just around the corner.

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Prices In Range

The prices have been buoyant over the last week or so but the fact that the resistance has not been broken would be a matter of concern for the bulls. They would hope to push higher in the short term and take the prices through the $10,000 region in the short term so that they would be able to attract even more traders and push the demand. This would also give an opportunity for those traders, who are caught with long positions at higher levels and waiting for the higher prices so that they can get out without a loss, to exit as well which will further drive the demand.

The ETH market has also been trading in a buoyant manner and the price moves in that market have been following the moves in the BTC market and hence, it is likely that the traders in this industry are also waiting for the next bullish leg in the short term. Their immediate target would be to break through the $700 region and push towards the $850 region in due course of time.

Forecast

Looking ahead to the rest of the day, the market is just trying to do some range trading at this point of time and we should be seeing some action if and when the range breaks and there is some quick follow through moves which are likely to happen once there is a breakout in the short term.