Yahoo Finance Bitcoin and Ethereum Price Forecast – Prices Still in Consolidation
With not much of news around, the bitcoin prices began to consolidate in a steady manner, something which we had pointed out to in our forecast yesterday. The prices trade in the $8200 region and after a bit more consolidation we are likely to see the prices head towards the $8500 region. The bitcoin and its associated industries have been getting hit by hack attacks in a periodic manner and this is beginning to cause growing concern in the community. The wallets are usually the targets and as the industry begins to grow and spread, the responsibility of maintaining security goes into the hands of more and more developers, some of whom may not be as good in security as others.
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Bitcoin Prices in Range
This makes specific wallets and exchanges, vulnerable to hack attacks and thats what we have been seeing over the last couple of weeks with the latest being an attack on bitcoin gold. The community needs to get together and devise ways and means and controls to ensure that utmost security in maintained against such attacks so that traders and investors continue to trust the market and the industry. They are an important part of this industry and their trust is the one that drives the industry.
The Ethereum prices have also been in a consolidation mode near the highs of its range and it looks as though it might be looking to break through the $380 region pretty soon. It has been trying to break through this region for sometime now and then head to the $400 region but so far, the momentum has been lacking and even now, there seems to be no momentum in the ETH market and hence we are doubtful whether the breakout will happen anytime soon.
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Forecast
Looking ahead to the rest of the day, we believe that the consolidation in the BTC and the ETH markets would continue for most of the day today. This consolidation is likely to be followed by another leg of the bull run which should carry the prices higher in due course of time.
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This article was originally posted on FX Empire
