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Bitcoin and Ethereum Price Forecast – Key Day Ahead

Colin First
Updated

Bitcoin prices continue to recover over the last 24 hours and now trade in the strong resistance region of $4000 as of this writing. This region is likely to be key for further progress in the prices and we have to wait and see whether the prices break through or whether we are going to see the prices continue their correction. It is indeed a remarkable bounce from the bitcoin market as they have overcome the shocks from China and also the shock of the comments from the JPMorgan CEO who termed it as a fraud.

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Bitcoin Prices At Key Resistance

The more such bounces, the more confidence will the investors get and next time they see such a correction, they would be willing to invest and buy bitcoins at the right price. This is how a market matures and grows at the same time as well and that is why it is important for the bitcoin market to make a stand and show that it is still something that is worth to be invested in. The prices have recovered by over 25% over the last few days but the bulls need to continue to push leaving aside the bad publicity that the market has been getting in recent times. We have seen the bitcoin market getting support from various quarters over the last few days which have also contributed to the bounce.

Bitcoin 4H
Bitcoin 4H

The Ethereum market has also bounced over the last few days and we are seeing the ETH prices trading just short of the $300 mark as of this writing and continuing to look strong. The $300 region is a strong resistance region and it remains to be seen whether it can break through this and continue higher or whether there would be a correction again. Those who have been in the market for long believe in ETH more than they believe in BTC and hence the traders think that the future is bright for ETH.

Forecast

Looking ahead to the rest of the day, we are going to have an interesting day as the market and the traders would wait and watch where the prices go and whether the bounce continues or whether we are going to go back to a downtrend. This day could be key.

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This article was originally posted on FX Empire

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