Bitcoins
Bitcoin and Ethereum Price Forecast – Bitcoin Charts Show Double Top
2 hours agoByColin First
BitcoinBTC/USDDailyETH/USDEthereumFundamentalTechnical
Bitcoin prices move higher in a steady manner during the course of the day yesterday though it never showed too much of intent through the day. This was expected as we had said that the instrument is now in a consolidation phase looking for the next move higher. The prices have corrected to the $3200 region and have now visited the range highs as well and so we should now expect some solid consolidation as the traders book profits and try to find the next region where they can pick up more bitcoins.
Bitcoin Prices Consolidate
The move higher in the bitcoin prices and the fact that it has been able to hold this move up is an endorsement of how the bitcoin market has been able to handle the fork. With some part of the market predicting the worst during the fork, it did spook a large number of traders and though many of the brokers and exchanges continue to deal with the technical challenges in implementing the fork, this move has basically shown the strength and the trust in the market. It also shows that the bitcoin market would be able to adapt itself to the changing conditions in the market and continue to grow rather than die.
It is this confidence that has led to the latest round of the bullish run and this is also something that we had mentioned in one of our forecasts where we had said that the break through the $3000 region could happen after the successful implementation of the fork. This bodes well for the future of this market and the cryptocurrency market in general.
The ethereum prices are also consolidating in a manner that mirrors that of the bitcoin prices and we expect this consolidation to continue in the short term as the market comes to terms with the latest bullish leg and collects some breath for the next run.
Forecast
Looking ahead to the rest of the day, we seem to have a double top on the bitcoin charts which would mean that the consolidation would continue for quite some time and if and when the breakout happens through the $3500 ceiling, then we should have a large move in the offing. For the ETH prices, the $320 price region would act as the ceiling for this consolidation phase which is likely to last for a few days atleast.