Yahoo Finance Bitcoin and Ethereum Price Forecast – Its a Crash All Around in the Crypto Markets
It has been a huge crash in the BTC markets and the crypto markets as a whole as news and fears of action from the South Korean regulators over the crypto exchanges, coupled with the news of the shutdown of the bitconnect exchange, has led to fears and panic selling in the markets. South Korea has emerged as one of the major hubs of crypto trading in recent times, especially after the exit of China, and hence any major action on the industry from the regulators is likely to be met with shock and awe. But the reaction so far has been too much, in our opinion, and in fact more than the impact when the Chinese regulators shut down the industry a few months back.
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Also, in this case, the South Korean regulators have only promised to look into the situation of banning the exchanges and have not initiated any action as such, due to great opposition from the traders and investors over there. Considering this, the action and the fall in the crypto markets seems to be exaggerated too much at this time. As for the collapse of bitconnect, it has been in the offing over the last few months with allegations of a Ponzi scheme being run and with the site coming under repeated DDOS attacks as traders and hackers took out their anger on the company. So considering all this events, we believe that the falls are pretty huge reactions and that buying should resume pretty soon in the BTC markets as the prices trade just above the $10,000 region as of this writing. We see strong support coming in at $10,000 and then at $8,000.
The ETH market is also crashing at the same time, a phenomenon that is being seen all across the crypto markets, and we see the prices trading well below the $1000 region as of this writing. We should see some buying coming in pretty soon which should push the prices back above $1000 in due course of time.
Forecast
Looking ahead to the next 24 hours, we see buying coming in at $10,000 and $8,000, if it gets there, in the BTC markets and the ETH market should also see some support in the $900 region which should help the prices to bounce beyond $1,000.
This article was originally posted on FX Empire
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