Bitcoin and Ethereum Price Forecast – Bitcoin Rises as Ethereum Consolidates
Bitcoin prices have risen over the last 24 hours but continue to trade within the large range between $2200 and $2800 which we have mentioned in our past few forecasts. This is likely to continue in the short term. If ever there needed evidence that the bitcoin prices have their own mind and are not dependent on the prices of gold or any other instrument for that matter, it could be seen yesterday as the gold prices moved down while the bitcoin prices continued to move up.
It is indeed true that on certain days that the gold prices and the bitcoin prices move similar to each other but this is more of a coincidence and so far, there has not been any documented evidence of such correlation lasting more than a few days in general. The traders would be well advised not to be misled by these assumptions and focus on the bitcoin prices as a separate and unique instrument, with not much of dependency on any other instrument, and trade what they see and trade their analysis.
Bitcoin Forecast
On the technical side, we expect the bitcoin prices to continue their low and slow rise over the short term and we should be seeing $2700 in due course of time. on the 4H chart, we are able to see a U pattern which resembles the handle of the cup and yesterday, we saw a break through in the pattern which suggests that the prices are likely to go up in the near future.
Ethereum In Tight Consolidation Mode
Ethereum prices have been in a very tight consolidation mode since the beginning of the week with no signs of the price moving anywhere soon. The long term trend for the cryptocurrency is clearly up but it is likely to take some more days for the investor confidence to build back again and get more and more investors to buy this instrument. It has firmly established as the No. 2 currency among the list of cryptocurrencies and hence is it bound to get the required attention in due course of time which will help it to keep the trend running.
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This article was originally posted on FX Empire