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Bitcoin And Ethereum Daily Price Forecast – Ethereum To Stay Under Pressure Ahead of Hard Fork

The market is trading in a range after the bullish trend failed to hold water yesterday. Bitcoin briefly zoomed and stayed above $3,400 before it corrected lower trimming most of the gains. Most digital assets in the market are trending lower and the market is painted red. The value of Bitcoin is more or less controlled by supply and demand. The market is starved of the news as Christmas season comes into focus. The gloom sets an optimal atmosphere for a change in the direction of the market. Uptrend for Bitcoin seems like a distant memory, but the downtrend extends stronger and dips further below every day as the prices collapse. Bitcoin market dominance continues growing as trades prefer to dump altcoins and seek shelter in Bitcoin in times of uncertainty keeping the pair a little volatile and locked inside a wider price band.

Short Term Profit Opportunities Keeps Bitcoin Volatile

The relative strength index (RSI) is heading to the bottom towards the oversold as the bears battle to push the price lower. The DMI has retreated from the lows reached during Asian trading hours today. The relative strength index (RSI) is heading to the bottom towards the oversold as the bears battle to push the price lower. Bitcoin has had a lot to deal with in the past weeks but it looks like traders are trying to defend support levels. If they are able to keep this triangle intact, price could bounce back up to the triangle top around $3,600 and the 200 SMA dynamic inflection point. Stronger bullish momentum might even lead to an upside break and a rally that’s at least the same height as the chart formation.

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However, it would take a really strong upbeat development to encourage more buyers to hop in and sustain any rallies. By the looks of it, bulls are being quick to book profits even on small bounces for fear of further declines taking place. Expectations for institutional investment are still in play but to a weaker extent, so markets may be looking for actual evidence of higher volumes before piling on long positions. ETH/USD has recovered from Asian low but the upside is capped by $91. Looming Constantinople hard fork will keep ETH/USD under pressure as many traders prefer to take a wait-and-see approach until the updates are successfully deployed.

This article was originally posted on FX Empire

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