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Bitcoin and Ethereum Price Forecast – BTC Took A Bearish Dive Ahead of US FOMC Update

Colin First
Updated

A look at the daily chart shows that the price action of BTCUSD pair remains well within range however intra-day chart shows that the price of BTC fell during late north American market hours yesterday and has traded near intra-day lows across Asian and majority of European market hours before making a rebound. As risk appetite returned to market post announcement of final result of US midterm election, retail traders who diversified their portfolio from equity and forex markets into crypto currencies took out the funds from crypto and moved it back to risk assets which had higher probability to make short term gain and had considerable amount of liquidity and volatility in them. As investors expect positive forward guidance from today’s fed meet update, the pair traded mostly range bound for most of Asian and European market hours.

Increased Risk Appetite Resulted in Traders Moving Funds From BTC & ETH to Risky Assets With High Liquidity

However BTC recovered momentum and recovered from daily lows back into $6500 price range as short term BTC traders took opportunity to stock up on bitcoin when price is low in order to make profits in medium as there is still prospect for the pair to reclaim $6800 handle in medium term. The bullish sentiment surrounding bitcoin in today’s market is supported by news that according to a survey conducted by Yougov an Internet based market research analytics firm, one in five people in the U.K. think bitcoin will be “as common as cash or card” payments in future—just as bitcoin celebrated its 10th birthday last month, which suggests that bitcoin is likely to continue growing popular which is positive for Crypto markets.

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ETH/USD pair is on its second consecutive bearish decline today, however the decline is likely to see an end as there is high level of support around $212 price levels. Investors are hoping that major crypto currencies would follow their usual seasonal trend and go on Bull Run as year end is near by. Moving forward for the week the pair is likely to continue range bound price action above $200 price range. While news hit market that ex Google ceo eric Schmidt made positive comments about usage of ethereum , it has failed to inspire any sort of momentum in ETH/USD pair today.

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This article was originally posted on FX Empire

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