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BTC Prices In Range
The confusion and the uncertainty on what the regulators in South Korea would do in the short term seems to have resolved itself, atleast for now, and the market is beginning to settle down. Of course, the retail crowd is still a bit doubtful on whether it wants to reinvest at these levels once again but the bigger investors seem to be picking it up at will. It is also likely that many traders are still licking their wounds as they may have bought bitcoin near the highs, as is usually done by the retail crowd, and they may be looking for an opportunity to get out. All these are signs of a maturing market.
The ETH market has also been rocked by the fall overall but is has since managed to bounce back above the $1000 region and continues to trade in that region as of this writing. It is expected that the prices could use the $1000 region as the springboard to bounce higher and challenge the all time highs in the short term.
Looking ahead to the rest of the day, expect the consolidation to continue and we expect the support regions at $11000 and $1000 to hold for the BTC and the ETH markets respectively. This should help the prices to move higher in the short term once the consolidation is over.