The crypto markets continued to trade in a slow and steady manner as the consolidation continued for another day. We are in a phase where the traders and the investors are not sure of the next direction in these markets. We are also seeing the entry of large investors and companies into the market either in the form of trading or in the form of exchange and that is why we are in an important stage as far as the growth and the maturing of the markets is concerned. This is one of the reasons why the market is consolidating as the market is waiting to see the price action as a result of these developments and whether this would be useful for them in the medium and long term or not.
Prices Still Above $9000
The BTC prices continue to trade just above the $9000 region and as we have been saying many times before, we believe that as long as the markets are above the $8800 region for now, the bulls continue to be in control of the prices and we should see the prices moving up in due course of time. But the fact that the prices have not pushed higher since the beginning of the week should be a matter of concern for the traders and the bulls among them would hope that they would be able to break through this phase of consolidation and move higher in due course of time.
The ETH prices have been trading in a buoyant manner as it is widely expected that the network is only going to get stronger and better in due course of time. This is going to help all those who want to build their applications on the ETH network and that is why we are seeing the market getting increasing attention in recent times. This is set to continue in the medium term.
Looking ahead to the rest of the day, we do not foresee the range and the consolidation changing anytime soon over the short term. There are not many fundamentals driving the markets at this time and this should ensure that the cap is firmly in place in this market.
This article was originally posted on FX Empire
Source : https://finance.yahoo.com/news/bitcoin-ethereum-price-forecast-btc-074101975.html