The bitcoin prices, after a decently long period of consolidation, have now started moving higher over the last 24 hours and have since broken back through the $7000 region. This establishes the $6600 region as a region of strong support and it is something that the bears would have to sweat it out to break through, if they have any chances of moving the prices any lower. On the other hand, the $7400 region is the line in the sand for the bulls and they would have to break through this region to secure control of the BTC prices. Now we are likely to see this region come under attack from the bulls during the short term and it would be interesting to see the price action at that point of time.
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Prices Above $7000
The BTC prices had been under consolidation since Friday and it was during this period that the region around $6600 had come under a lot of pressure.It is to the credit of the bulls that they managed to hold through this region once more and this has helped them to hit back and move the prices higher. This seems to have helped the entire crypto industry as the prices of various coins and tokens move higher though there has not been any specific fundamentals behind the move higher except for the declaration from Soros that he would be trading cryptos pretty soon.
The ETH prices have also got a boost due to the overall improvement in the bullish sentiment and now the prices trade in the $410 region as of this writing with the region around $420 likely to prove to be a strong selling region and stalling the move for the short term.
Forecast
Looking ahead to the rest of the day, we do not have any major economic news or data for the crypto industry but we can expect the buoyancy in the prices to continue for the short term as the bulls and the bears battle it out to take control.
This article was originally posted on FX Empire