The prices are slow moving towards the region of strong selling
The BTC prices are inching towards the $8300 mark as they have to overcome a lot of selling which is happening in the market right now. The move higher has been slow and steady but there is no momentum at this point of time which raises the question as to whether the move would be strong enough for the prices to push through the $8300 region at this point of time. We might see the move higher fail once again and then the prices should correct and generate the right momentum for it to start moving higher again.
Why Bitcoin Cash is Better than Bitcoin?
How to Buy Bitcoin Cash?
How to Short Bitcoin?
Prices Move Slowly Higher
This is the situation at this point of time but with the lack of any major news or fundamentals over the last few days, the market has been quite slow in general and hence anything can happen. As we said, the support region around $7800 has managed to hold the move lower over the last few days and after a period of correction and consolidation, we are seeing the prices begin to move higher once again. We believe that the bulls are still in control and we should see the prices continuing to remain buoyant in the short term.
The ETH prices have also been able to trade in a buoyant manner over the last few days and it now seems to be having a greater momentum that BTC and hence we are now seeing it trading in the $530 region as of this writing and heading towards the $600 region in the short term.
Looking ahead to the rest of the day, we should see some slow and steady move higher and the prices should challenge some important resistance levels in due course of time. We do not expect a breakout in the BTC prices with the momentum that it is having at this point of time but we should see the bulls continuing to hold sway.