Bitcoin, Ethereum in Consolidation Mode
Bitcoin prices have been consolidating heading into the end of the Month/Quarter. If you follow the cryptocurrencies you know that prices had a similar fall in this frame last year and the great Bull run began after this frame, it remains to be seen whether it is going to happen, as past performance is no guarantee of future performance.
The prices have been trading near their support region of the $8500 region over the last couple of days and this shows that has been some accumulation.
For the Bulls
They hope that this is Bullish accumulation which would in turn mean that the next Sullish leg is around the corner.
For the Bears
The continue to putt pressure on the bids.
Currently, Bitcoin is trading at: 7,868.9551, -576.05 or -6.82% as of 4:39a BST, the market is open.
There has not been any important fundamental developments recently for the traders to be worried about or be happy about.
We expect this sort of consolidation to continue in general, with a Bearish bias, over the next few days as the traders wait for Bitcoin futures to expire for this month.
Many readers continue to believe in the Bullish trend and we might see the beginning of the next leg soon.
The ETHUSD prices have also been generally consolidating but the weakening prices has been more deeper than in the Bitcoin prices over the last few weeks. The Ethereum prices are trading below major support at $480
Currently, Ethereum is trading at: 460.07, -26.12 or -5.3724% as of 4:51a BST, the market is open
Looking ahead it may be calm or volatile into the long Easter weekend.
Latest posts by Paul Ebeling (see all)
- Stock Traders Bet Fed Will Cut Rates - October 20, 2019
- Mexico Is Paying for President Trump’s Wall (in Part) - October 20, 2019
- The 5 Safest Cities in the World - October 13, 2019