Bitcoin and Ethereum Price Forecast – Prices Correct as Large Resistance Looms

Bitcoin prices corrected lower over the weekend and with that, the prices of other cryptocurrencies also corrected lower leading to a cumulative loss of $20 billion in this market over the weekend. The bitcoin prices, being the leader of the pack, corrected by around 15% over the weekend and with that, the ETH prices also corrected by almost the same amount percentage wise. The correction in the bitcoin prices was quite anticipated as it moved towards the $5000 region.

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Bitcoin Prices Correct Lower

We had mentioned in our forecasts over the last couple of days that the region of $5000 would serve to be a large, round figure for the markets that could lead to some consolidation and the correction in the prices and thats what we saw over the weekend. Just like the consolidation and the correction that we saw around the $3000 mark, the figure of $5000 just provides a psychological mark for the investors and traders and it could prove to be a tough nut to crack in the short term. It could also provide an opportunity for medium term investors to buy and invest in bitcoins at lower prices.

The ETH prices also corrected lower, following the cue from the bitcoin market, and moved as low as the $330 region before bouncing from there and trading just above $340 as of this writing. The prices are expected to consolidate in a bullish manner in the short term and might provide a good opportunity for the traders and investors to buy ETH at lower prices and prepare themselves for the next leg of the bullish run as the uptrend in this pair is clear for everyone to see and it continues to stay intact.

Forecast

Looking ahead to the rest of the day, we can expect some consolidation after such a large correction and this consolidation could see the bitcoin prices trade within a $200 range and the ETH prices trading within a $200 range for the rest of the day.

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