Bitcoin and Ethereum Price Forecast – Prices Within Tight Range

Bitcoin prices continued to trade within a tight consolidation range, something that we have been seeing in the bitcoin market over the last couple of weeks or so. After the double blow from China where the regulators banned ICOs and also decided to shut down bitcoin exchanges, we saw some huge volatility in the bitcoin market and this led to a crash of the bitcoin prices from above $4800 to below $4000. But after a wave of huge selling, we have been seeing the prices consolidating in a very tight manner over the past few weeks as the traders do not want to commit themselves in either direction.

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Bitcoin Prices Continue Consolidation

Prior to the Chinese action, there was a feeling that the prices would continue to go up and that there would be no stopping the moves. But no instrument in the world can continue in a single direction forever and the action from China and the subqsequent fall has made the speculators realise that this is a maturing market where the investments and trading cannot be done in a blind manner. There has to be some analysis and some basis to what the traders do and this big change in the outlook seems to have unsettled a lot of traders. The market needs to settle down for the traders to gain more confidence and come back into the bitcoin market again.

The Ethereum market has tended to follow the bitcoin market for quite some time now and this has been the case during the last few weeks as well. It is generally believed that the ETH market is likely to survive in a much better manner than the bitcoin market, considering the variety of ways that the underlying technology can be used but if the crypto market falls, ETH prices have to follow suit.

Forecast

Looking ahead to the rest of the day, we do not expect any major changes in the prices in both the BTC and ETH markets for today. We expect the consolidation to continue in the short term as the market waits for direction from somewhere.

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