Bitcoin and Ethereum Price Forecast – Prices Rebound

Bitcoin prices have been recovering well since the start of the month as the new month seems to have enocouraged some investors to come back into the markets. The prices have moved over the $7000 region in  steady and smooth manner and they are now trading just above the $7200 region as of this writing. The prices are expected to face a lot of selling in the $7400 which is a support turned resistance and it could take a lot of effort from the bulls to surmount all this selling. But if they do manage to do that, their gift would be that more traders and investors would be drawn into the bullish leg.

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Prices Recover

This should make the move towards and through the next resistance of $7800 that much easier. To be fair to the bulls, we have just seen a double bottom, technically, happen as the prices reached the same levels that the market had reached in the days at the beginning of February. This double bottom on the daily should be a source of inspiration for those who follow the technicals in a close manner and this could be one of the reasons why we are seeing the demand getting increased over the last 24 hours.

The ETH prices have also been trading in a buoyant manner over the last 24 hours though the prices have been unable to move through the $400 region as yet. The prices have bee struggling of late due to network and development issues and these are likely to hang on their neck for the short term.

Forecast

Looking ahead to the rest of the day, we are looking at the BTC prices making their first attempt at breaking through the $7400 region and it will depend a lot on the momentum that is generated. We will know that only when the prices get near this region but we are confident that the prices would ultimately break through in the short term.