Bitcoin and Ethereum Price Forecast – Prices Likely to Correct To Lows

Bitcoin prices corrected over the last 24 hours which has basically reversed all the gains that it had made on the previous day. The cryptocurrency market is in a period of flux as we are seeing bitcoins and ethereum get hit hard over the last few days on rumors and the general reluctance of the traders and investors to get involved in a new market when it is going through a large shift and a lot of choppy price action. Since this is a new market, the first reaction would always be to fly away on the slightest hint of trouble. This is the common reaction of speculators and it is only after the market matures, that we are likely to see less and less of such action.

BTC Likely to Visit Lows

Though the bitcoin prices have corrected, they still trade above $2300 as of this writing and as we have mentioned over our last few forecasts, we believe that the region around $2200 is likely to be key and there is likely to be a lot of buying over there which should support the prices. We should also see the market settle down slowly on a daily basis as the rumors of an imminent crash die down and the market returns to normal trading.

We would view any move towards the previous range low as an opportunity to go long on this pair with a stop loss just below. These are difficult times for the bitcoin market and it is better to trade carefully.

ETH Likely to Follow Suit

Like the bitcoins, the ethereum prices also corrected during the course of the last 24 hours as the prices now trade below $200 as of this writing and there is a good possibility that the prices might visit the range lows once again during the course of the day. If and when it does, it might be a good opportunity to buy, as in the case of bitcoins as well.

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