Bitcoin and Ethereum Price Forecast – BTC Prices Surge
The BTC prices have got a boost over the last 24 hours and now the bulls are beginning to look quite threatening. The prices have been buoyant over the last week or so when compared to the previous weeks and over the last week, we have seen the prices make a move to push through the $6800 region a couple of times as well. They have been rejected so far but the point to note here is that the correction following the rejection has been pretty slow and shallow and the rebound has been quick and strong which shows that the bulls are slowly beginning to take control of the market. But the prices are still below the important resistance region of $6800 and this region is going to witness a huge battle between the bulls and the bears for control.
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BTC Prices Looking to Break Range
The push higher has come due to some strong buying from some large investors and also with the reports of the entry of some large investors into the crypto market. We also saw that the tie taken for mining between 2 blocks of BTC took almost an hour and this has led to a slowdown in the mining and with the supply getting limited, the natural consequence of that is the fact that the prices have to move up and this is what we saw yesterday. But though the prices have risen, as long as there is no breakout from the range, the bears continue to be in control and the bulls have to do a lot more to take control but we are going to see soe interesting price action ahead.
The ETH prices have also shot higher on the back of some strong bullish sentiment in the markets but similar to the BTC markets, we are seeing that the prices are trading just short of the strong resistance region around the $480-$500 region and this is likely to serve as some strong resistance in the near future. We will have to watch the price action very closely henceforth.
Forecast
Looking ahead to the rest of the day, it is going to be an interesting day of action in the crypto markets with the bulls trying to follow up on the push higher. But we believe that the bulls do not yet have the required momentum and what we are likely to see is even more slow trading and consolidation for today just below the region of resistance.
This article was originally posted on FX Empire
