Bitcoin and Ethereum Price Forecast – Prices Correct But Look Solid

With the bitcoin prices unable to break through the $4500 region, it was time for some correction in the prices as it fell by around 10% and the prices now trade just above the $4000 region as of this writing and this region is likely to provide some good support in the short term. We had pointed out to a double top in the bitcoin prices last week and had said that the weekend was likely to provide some action with a break above or a break below leading to a 5% move.

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Bitcoin Prices Correct

It turned out to be a break below as the bitcoin prices fell and this was the more likely response of the markets after such a large move in the prices over the past couple of weeks or so. It was more of a profit taking move rather than anything else and with the liquidity likely to be low over the weekend, it proved to be easy to sell of some of the BTC stocks that many traders may be holding. This has caused a correction in the prices but has also provided an opportunity for the investors and the bulls to buy some more BTC at lower prices which we expect them to do.

On the back of correction in the bitcoin prices, the ethereum prices also corrected lower and moved as far low as $280 during the course of the weekend but the prices have since recovered during the last few hours or so and trade just below $300 for now. As we have been mentioning in our last few forecasts, the ETH market has lost some of its sheen over the last couple of weeks or so, for no fault of its, as most of the attention is focussed on the bitcoins.

Forecast

Looking ahead to the rest of the day, we do not have any major fundamentals that are likely to affect the prices and thats why we expect some consolidation in the BTC and ETH markets. Of course, the consolidation could mean a move of around 5% as far as BTC is concerned but we believe that the traders would be well used to it by now.

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