Yahoo Finance Bitcoin and Ethereum Price Forecast – BTC Continues Consolidative Price Action
In the past couple of months, Bitcoin has remained ranged bound. The stability in the crypto currency space represents that of a mature market. The stability has also led to the decreasing trading activity and trading volumes. Bitcoin hasn’t faced any sharp drop since August. The declines at the beginning of August saw Bitcoin drop below $6,000 taking refuge above the support at $5,800.The buyers augmented their grip on the price towards the end of the same month where Bitcoin rose above $7,000. The upward trend continued touching $7,400 before another drop in the first week of September. Interestingly, the price has since been crippled within a range with the upper limit at $6,824.43 and the range support at $6,000.
Risk Aversion in Equity Markets Owing to Geo-Political Events Has Put A Bid Under Legacy Crypto’s
BTCUSD has remained trapped within that range since then. The trading in November has had Bitcoin price step slightly above $6,500. However, due to lack of support, Bitcoin has trimmed gains below $6,300. The market is lagging the anticipated bull rally towards the end of year. It is less than two months before this year grinds to a halt and digital assets, especially the legacy crypto’s like Bitcoin (BTC) and Ethereum (ETH) are languishing below a year-long bear trend. But there haven’t been any signs of bullish pick up in the market yet. The BTC pair is expected to remain trapped within short range of $6500 to $6000 this week as proceedings of geo-political events are expected to influence some amount of retail activity that should provide some liquidity this week.
But there isn’t any major event in near future that could push the pair back above $6500 during this week. Meanwhile in Ethereum market, A wider look at the chart shows that the sellers have an upper hand against the bulls with the MACD traveling further into the negative zone. In addition to that, the price is trimming gains even though the RSI is far from the overbought territory. Ethereum has remained stable above the pit stop support at $207. The path of least resistance is sideways with the price likely to maintain within the upper range limit at $212 and the range support at $207 as trading session moves forward this week.
This article was originally posted on FX Empire
