Bitcoin and Ethereum Price Forecast – Bitcoin Prices Move Higher

Colin First

Updated Tue, Aug 22, 2017, 9:47 PM

After a brief trip through the $3800 support region down below to the $3600 region, which was almost surely a move to eat up the stop loss orders, the bitcoin prices have since rebounded and they now trade clearly above the $4100 region as of this writing and it continues to look strong as we have been saying all along. We have mentioned many times in our forecasts that the traders should always be looking to go long on the bitcoin prices whenever the opportunity presents itself as the uptrend in the prices is still very much intact.

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Bitcoin Prices Likely to Remain Bid

Yesterday was such an opportunity as the prices corrected towards the $3600 region during the course of the day and have since rebounded and they look ready to launch themselves into the next round of the bull leg. This is likely to lead to a test of the highs in the $4400 region and it remains to be seen whether the bulls would be able to make through this region in this attempt of theirs. They might find the going tough in the short term but things continue to look up and so it is only a matter of time before the prices make it through.

Ethereum prices continue to consolidate and range in the $280 to $330 region and this is likely to continue in the short term. With the fork in the ETH market coming up in the next month, the market would be in a slight wait and watch mode to see how ETH is able to handle it and whether it can handle it as good as the bitcoin network did.

Forecast

Looking ahead to the rest of the day, we do not have any major developments scheduled for the BTC or the ETH markets and so we can expect the BTC prices to consolidate between the $4000 and $4400 region while the ETH prices consolidate between $290 and $330 in the short term.

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This article was originally posted on FX Empire