The bitcoin market has stabilised, something which we had pointed out in our forecast yesterday, and trades in a buoyant manner above the $11,000 region as of this writing. After the huge fall in the prices a couple of days back, it has been met with a lot of buying in the $8000 region which has since helped the prices to bounce back and after a period of consolidation, we expect the prices to continue to move higher in the short term. The fact that the higher prices have managed to hold through 2 Asian sessions should also act as a boost for the bulls.
- Why Bitcoin Cash is Better than Bitcoin?
- How to Buy Bitcoin Cash?
- How to Short Bitcoin?
BTC Prices Continue Higher
Despite the crackdown in China, the Asian region continues to dominate the trading in the crypto markets and that is the reason why we are seeing the prices of the bitcoin having more volatility during the Asian session that during the other sessions. And it is this session that has rocked the market since the beginning of the week with many claims and counter claims on what the South Korea regulators would do to control or even close down the market for good. No one seems to be sure on what is going to happen next in the bitcoin industry in that country and this uncertainty has been the root cause of all this volatility this week. Plus, of course, the fact that this week, we saw the expiry of the first bitcoin futures which should also have had an impact on the prices, though unknown.
The ETH prices have also recovered during this period and they trade comfortably above the $1000 region as of this writing and we believe that like the BTC market, the ETH prices would also consolidate for much of the day and then begin the next bullish leg later on. We should be seeing the ETH prices challenging their all time highs in the short term.
Looking ahead to the rest of the day, we expect the consolidation in both the BTC and the ETH markets to continue for the day as the recovery from the large price fall continues in the crypto markets. The next bullish leg in the prices should start in the short term.