Yahoo Finance Bitcoin and Ethereum Price Forecast – Prices Recover
The BTC prices crashed lower during trading over the weekend, mainly on worries on how the G20 meeting over cryptocurrencies would pan out. It has since recovered this morning and trades above the $8000 region as of this writing and we believe that the rebound should continue for the short term. The G20 meeting decided that it was not yet time to fully regulate the cryptos and many of the members felt that the crypto industry is unlikely to shake up the financial system too much at this point of time. This was a relief for many of the traders and investors who had feared the worst from the meeting in the form of additional regulatory measures. The lack of any such move had helped the BTC prices to recover.
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Prices Drop and Then Rebound
The prices have rebounded but it remains to be seen how long this is likely to last. We believe that the region around $10000 should once again serve as a region of selling and we believe that there is not enough momentum as yet for the pair to continue its move through this region. We might see some bullish consolidation in the short term and after that, we are likely to see the prices move higher in a slow and steady manner towards the end of the month and into the new month. By that time, the fears over regulation would have receded to a large extent and the investors would believe in better risk sentiment.
The ETH prices also crashed lower during trading over the weekend but now, it trades comfortably above the $500 region as of this writing. The fall in the ETH prices have been much steeper than that in the BTC market due to the developments and changes happening in the Ethereum network which is adding to the pressure on the ETH prices.
Looking ahead to the rest of the day, with the G20 meetings and the associated developments almost out of the way, we believe that this is the time for some bullish consolidation in both the BTC and ETH prices and this is likely to see both the instruments trade within a range.
This article was originally posted on FX Empire
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