Bitcoin Trading in Broad Consolidation Range

Bitcoin Trading in Broad Consolidation Range

Bitcoin Trading in Broad Consolidation Range

$BTCUSD, $ETHUSD

Bitcoin prices continued within a broad consolidation range over the last 24 hrs, as there was not much fundamentals or economic data to rock the crypto market in the frame.

The Key development in here has been the decision of the large crypt exchange Coincheck to re-enter the Japanese market and to expand into the US.

This is a good sign  it is not likely really impact the prices too much now. The positive aspect is that it shows that the market is beginning to mature.

It also shows that bigger money is entering the market as the traders and the investors become confident that the market is here to stay and that it would be wise for them to first regulate the market and pave the way for the entry of the really big participants, the institutional players.

Currently, Bitcoin is trading at: 7,585.0049, -355.00, or -4.47%, as of 4:00a BST, the market is open.

This is an ongoing process and will delay the demand for the cryptocurrencies in the coming months and years and so we are seeing the volatility that we have been used to in this market is likely to become lesser and lesser in due course.

Bitcoin 4H
Bitcoin 4-Hrs Candlestick Chart

ETH prices fell below the $600 mark early Thursday in Europe, but there are no signals for panic now. The prices continue to consolidate and range, as in the rest of the market. We expect this to continue for the next month or so.

We do not see any danger to the Bulls yet, and they continue to remain in control of the market as it looks to be an accumulation phase in the big picture of the cryptocurrency market.

Unless there is a Key reversal, the trend is North for now.

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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