BTC (BTC) Prices Solid on the Day

BTC (BTC) Prices Solid on the Day

BTC (BTC) Prices Solid on the Day

$BTCUSD, $ETHUSD

The BTC prices have remained stable over the last 20 hours or so after the spike that we had seen in its prices during early morning trade Monday.

The hike in the prices of BTC coincided with the fall in the prices of USDT which is considered as a stable coin. This could mean that large funds are being moved out of USDT and invested into the BTC market in the hope of better returns.

Though this does not seem to have any short impact on the market or the prices, it could suggest a trend as far as the USDT prices are considered. It is likely to face some stiff competition for the lable of the largest stable coin, from other newer stable coins, and this could be adding pressure on its prices.

For Bitcoin bulls, it is happy times again and they would hope that they can continue to hold on to the gains and drive the price higher in time.

They are not out of irons yet and that is why it is important for them to quickly build on the gains that they have made and try to drive prices North over the next few days.

If they do not make it quick, then it is likely that the sellers will come back in, traders will take profits and this would push the prices lower again.

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The ETH prices continue under some pressure as the development in the network and the planned releases are not getting completed as per the schedule.

These delays are hitting the confidence of the investors and the traders and with many of the ICO owners also looking to sell off so that they can collect some funds, we seeing ETH prices are struggling.

Looking ahead

W are seeing some consolidation and ranging as the market digests this sudden change in the prices and so, we should see the highs of the range hold for now.

Watch the price action closely to see where thing go would next.

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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