BTC Prices Consolidate and Range
The day traders and the short term traders are having a frustrating time as the moves and the volatility in the market has been pretty low over the last few weeks. This is something that we had anticipated and with the region around $6800 capping the prices as far as BTC is concerned, we are seeing some tight trading though the prices have been moving freely below this region. It is going to take some more weeks for the traders and the investors to come to terms with the regulation and the associated price action and till that happens, the other traders do not have much of a choice but to wait and see how things pan out.
The ETH market trades just above the $450 region as of this writing and like the rest of the crypto market, it is being driven by the BTC prices at this point of time which means that the consolidation and the ranging is going to continue for the short term in the ETH market as well as the traders wait patiently for some direction and some action as well.
Looking ahead to the rest of the day, with the lack of any major fundamentals and economic drivers to the market, we expect some slow trading and this is set to continue through to the weekend as well.