The bitcoin market continues to consolidate with the effect of the fork still far from being certain. This is likely to continue in the short term and the more time that the prices spend in consolidation, the more we feel that the prices might be due for some correction sometime soon. The $3000 mark has been a very tough nut to crack and even the relief over the fork happening without much of problems has not led to the break of that price region. In fact, the prices have not even been able to get close to that region so that.
Bitcoin Continues Its Consolidation
Increasingly, the $3000 region looks as though it might be the ceiling for now as far as the bitcoin prices are concerned and the traders have to start getting used to the consolidation with this region as the ceiling in the medium term. In fact, the consolidation and the ranging that we have seen in the last few days is probably the most tight daily range that we have seen in the prices for quite sometime now. The prices also seem to be still in recovery mode following the fork and hence, not much can be read into that.
Bitcoin 4H
With the bitcoin market in a slowdown mode, the speculators seem to have move to the ethereum market which seems to be enjoying a nice bullish run as of now as it trades easily above the $220 region as of this writing. Ethereum seems to be attracting more and more traders in recent times which is only natural considering the number of ICOs that are being released on a weekly basis with ETH as the base. This is only going to increase in the times to come.
Forecast
Looking ahead to the rest of the day, we believe that the bitcoin market would continue to consolidate between the $2600 and $2800 for the rest of the day while the ETH prices should continue with their bullish momentum for now.