Bitcoin and Ethereum Price Forecast – Bitcoin Prices Break Lower
Bitcoin prices broke lower during the course of the day yesterday after finally managing to break through the tight range that the prices have been in, over the last few days. The breakout has not been swift and large as we might have come to expect in the bitcoin market. The bitcoin market, on the whole, seems to have become dull and steady over the last week or so and this is understandable considering the seismic changes that have happened in the markets over the last couple of weeks.
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Bitcoin Prices Looking Lower
The ban on ICOs from the Chinese regulators and also the ban on bitcoin exchanges has led to a belief that one of the chief supporters of the bitcoin industry is trying to systematically pull out its support and that is not very assuring, especially for speculators. So, it is likely that a large number of traders in the group are on the sidelines, unwilling to come to terms with a maturing market and unwilling to invest when they are not sure of the direction. For long, they have been so used to a one way market that good two way action seems to be unsettling quite a few traders out there.
The Ethereum prices have also broken lower during the course of the day yesterday as the prices broke through the bottom of the range at $280 and now trade in the $260 region as of this writing and it continues to look weak. The prices have been following the movements in the bitcoin market like a shadow though it is generally believed that the fundamentals of ETH are better than in bitcoins.
Forecast
Looking ahead to the rest of the day, we expect the BTC and the ETH markets to continue to trade in a bearish and steady manner for much of the day as we head into the weekend. A lot of liquidity dries up over the weekend and the moves could be strong during that time and so we may not expect too many traders to commit themselves at this point of time.
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This article was originally posted on FX Empire
