The BTC prices crashed further during the course of the last 24 hours as the prices has pushed through the support region at around $7400 and gone lower. The prices went below the $7000 region during the course of this period but as of this writing, we are seeing some signs of life from the bulls which has helped the prices to claw their way back above the $7000 region. It is a long weekend all around the world on account of bank holidays and hence the liquidity and the volatility is likely to be low during the next few days. But this could force the prices in either direction and so the traders need to be careful of the price action during this time.
Suggested Articles
Prices Below $7400
Any kind of a rebound in the prices of BTC are likely to face some strong selling in the support turned resistance region around $7400 and we have to wait and see if and when the prices get there. The investors and the traders would be hoping that the price would be able to cross this region by the end of this long weekend. In this belief, they are likely to be helped by the fact that we are seeing the end of the month and the end of the quarter today. In many parts of the world, it is also the end of the tax season and the financial year end and hence, the bulls would be hoping that the end of this would help to release the pressure.
The ETH prices have also broken through the support region around $420 and fallen below the $400 region during the course of the last 24 hours but as of this writing, we are seeing the ETH prices trying to make a recovery as they manage to reclaim the region around the $400 price region. We will have to wait and see over the long weekend on whether the prices would be able to surmount the support turned resistance near $420.
Forecast
Looking ahead to the rest of the day, it is going to be an important next few days for the market as the bulls would like to see some strong action in their support once the month ends. If that does not happen, then we are likely to see the crypto markets facing a lot of price pressure.
This article was originally posted on FX Empire