Bitcoin and Ethereum Price Forecast – BTC and ETH Prices Consolidate
As we had mentioned in our forecast yesterday, the bitcoin prices have been consolidating over the last 24 hours with the $5800 region being the highs of the range so far. The bitcoin market seems to have got back to its usual routine of a bullish leg followed by some time of consolidation and then a bullish leg once again and this has been the case over the last few days as well. With the break through the previous all time highs and the psychologically important $5000 region, the bitcoin traders and investors have sent out a message to the rest of the market for them to sit up and take notice.
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Bitcoin Prices Stay Strong
Of course, no one knows how far this rally is likely to go with estimates varying between $10,000 and $20,000 but as long as traders stick to the technicals and important supports and resistances and have their stop losses and take profits in place, they should do well in this market. The bitcoin industry is heading towards another fork in November which could lead to another type of bitcoin like bitcoin cash. While bitcoin cash has not had too much of an impact on the ‘real’ bitcoin, it remains to be seen how much the upcoming fork is likely to affect the bitcoin industry.
The ethereum industry has been dealing with a hard fork of its own yesterday and it has been progressing smoothly so far. The fork helps to increase the size of the network and like the hard fork in bitcoin back in August, the ETH fork has also gone ahead smoothly improving the confidence in the market though the impact on the prices of ETH seems to be minimal so far.
Forecast
Looking ahead to the rest of the day, expect some more consolidation in the bitcoin prices and with the dollar also strengthening across the board, it could help to keep the bitcoin prices quieter for a bit more longer than usual. Also expect the ETH prices to remain buoyed for the short term as the investors and traders in that market celebrate the peaceful passing off of the hard fork.
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This article was originally posted on FX Empire
