BITCOIN AND ETHEREUM PRICE FORECAST – PRICES CHOPPY | XtreamForex

[xtreamforex]

The prices have been chopping around in the BTC and ETH markets with no specific direction
BTC prices continue to be choppy for another day as the bulls and the bears struggle for control. There does not seem to be any clear direction in the short term and this has led the prices to chop around the $10,000 region. Though the prices did touch the $11000 region for a very short while, the traders were not able to make it count and the prices have since corrected back to the $10400 region as of this writing. It remains to be seen how long it would take for the bulls or the bears to seize control and push it in either direction. It may also so happen that the choppiness could continue for the short term as well.

BTC Prices Continue to be Choppy
Fundamentally, there has not been any major developments in the BTC industry with most of the regulators and authorities looking to go after the ICO industry as it comes under extra scrutiny in the US. The regulators seem to have done and achieved what they wanted with the BTC industry and hence the shift in focus. This is also one of the reasons for the choppiness in the prices as most of the developments over the last few months have now been factored into the prices and there appears to be a sense of median in the prices for now, which has led to uncertainty on what the correct prices are.

The ETH prices continue to be under pressure, as they have been over the past couple of weeks and it looks as though it is likely to continue in the short term. The regulator watch on the ICOs around the world is also likely to have an impact on the ETH prices and keep it near the lows of the range. It has been unable to string together a bullish run and this has in turn led to a lack of confidence.

Forecast
Looking ahead to the rest of the day, with the consolidation and a bullish leg completed, which has since been corrected, we believe that we are in for another period of consolidation and ranging in both the BTC and ETH markets over the next couple of days.

[xtreamforex]

BITCOIN AND ETHEREUM PRICE FORECAST

The BTC prices have been consolidating and ranging as we head towards the end of the month. We had mentioned in a couple of forecasts over the last few weeks that the crypto prices had a similar fall in the same period of last year and the great bullish run in the BTC prices began only after this period and it remains to be seen whether it is going to be the same this year as well. The prices have been trading near their support region of the $8500 region over the last couple of days and this shows that there is some accumulation going on. For the bulls, they would hope that this would mean bullish accumulation which would in turn mean that the next bullish leg is around the corner.

Prices In Range
There has not been much fundamental developments over the weekend for the traders to be worried about or be happy as well and that is also one of the reasons for the consolidation that we are seeing in the prices as of this writing. We expect this sort of consolidation to continue in general, with a bearish tinge, over the next few days as the traders await the tax season to get over and the BTC futures to expire for this month before they launch the prices and begin to buy or sell the BTC according to the trend. Once again, we continue to believe in the bullish trend and we might see the beginning of the next leg pretty soon.

The ETH prices have also been generally consolidating but the weakening in the ETH prices has been more profound than in the BTC prices and this is something that we have been seeing over the last few weeks. The ETH prices trade just above the $500 region and we may not be surprised if the prices make a visit to the $480 support region once again in the short term.

Forecast
Looking ahead to the rest of the day, we might see some calm trading for most of the day today as the lack of news and fundamentals is likely to weigh on the crypto markets for now. This is likely to give way to some volatility in the days to come.

Visit Xtreamforex Academy to Read More Financial News & Technical Analysis

[xtreamforex]

GET YOUR 100% CREDIT BONUS
DOUBLE YOUR TRADING LEVERAGE

START TRADING NOW WITH XTREAMFOREX AND RECEIVE UP TO $20,000 PER ACCOUNT

Benefits

• Increases account leverage.

• Can be withdrawn if volume requirements are met.

• Effectively brings the stop out level on cash balance to zero.

• Relaxed time limit for completing volume requirements so that prudent trading is encouraged.