The BTC prices have been falling back to their support region around the $10,500 price region and this is probably the third time that this has been happening over the past few days. After staging a big comeback from the recent lows at the $6,000 region, the BTC prices seem to have hit a roadblock in around the medium term resistance of $12,000 and we have been seeing the prices struggle to go through despite their best efforts. It remains to be seen how the market is going to react in the short term as the selling increases pace and the traders begin to get jittery once again.
BTC Prices Move Lower
The prices have been knocked down and are in a state of consolidation and after every visit to the support region, we are seeing that the speed and size of the bounce has been getting lesser and lesser and this is an indication that the prices are under a lot of pressure in the short term. If this continues, then the traders who had joined in on the rebound a bit later than normal would feel the pain and the fear of loss and would begin to likely bailout adding to the selling pressure. The bulls need to make a stand here and ensure that they push the prices higher and show some strength to give confidence to the new entrants.
The ETH prices have been suffering more than bitcoins in the general fall that has been seen in the markets over the last 24 hours. The prices have dropped below the $900 region as of this writing and continues to trade in a weak manner. The ETH market has been under a lot of pressure in recent times due to comments from their founder and this drop in the crypto market has only added to its woes.
Looking ahead to the rest of the day, we believe that the market would continue to be under pressure in the short term and the traders have to ensure that they trade with strict stop losses to ensure that they are in the right trade with the right direction.
This article was originally posted on FX Empire
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