The BTC prices have been consolidating and ranging over the last few days with a bullish bias and this is set to continue in the coming days as well. We had mentioned that with the drop and the bounce seen a few days back, the correction in the BTC prices was over and from the $6000 region, the BTC prices have since moved higher and over the weekend, they had a brief look over the $9000 region before moving lower. The prices now trade just above the $8000 region but with the lack of any bad news from any part of the globe over the last few days, it can be safely said that the prices are set to move higher in the short term.
- Why Bitcoin Cash is Better than Bitcoin?
- How to Buy Bitcoin Cash?
- How to Short Bitcoin?
BTC Prices Hover Over $8000
Of course, this is contingent upon the fact that there is no more bad news for the industry. It seems that the investors and the traders have got pretty much used to the way the industry operates and they have begun to believe that the worst is out of their way. The major trading countries like the US, Japan, China and South Korea have shown their hand and with those out of the way, the industry and the market can now look at the way ahead. The regulators in some major countries like India continue to work out the way that they are likely to handle the industry but the template has been set for them to follow and hence the traders and the investors know the choices that are available to them and hence can judge their risks accordingly.
The ETH prices have also been consolidating with a bullish bias. The prices have been trading comfortably above the $800 region over the last few days and this is set to continue in the coming days. We believe that the ETH markets have much more to gain than the BTC market in the medium and long term and hence, this would be a good opportunity for the long term traders.
Looking ahead to the rest of the day, we believe that the consolidation and ranging would continue for the first half of the day with the prices and the demand picking up as we enter into the second half.