The bitcoin prices have been correcting and consolidating over the weekend which is what can be said of the prices when it is in a $400 range. These kinds of ranges are quite common in the bitcoin market and that is what makes this instrument an attractive proposition for day traders and speculators as well. When the bitcoin prices are not moving ahead, it trades within a range that lasts for several hundred dollars and it provides a trading opportunity at all points of time.
Bitcoin Prices Stable
We had mentioned in our forecast that a break through the all time highs and $5000 is likely to lead to a strong breakout but we had expected the price regions of $5200 and $5500 to hold the prices for some time and see some profit taking and selling as well. But we did not expect the trend and the breakout to be so strong that the prices have simply blown through the region and now have set $5800 region as the all time highs and even that region does not seem to be safe at this point of time.
The focus today and for the next couple of days would be on the ethereum market as the market undergoes a fork similar to what the bitcoin market went through in August. This fork is likely to increase the capacity of the network and it remains to be seen whether it leads to the split of the ethereum market to create a new crypto similar to what led to the creation of bitcoin cash. This is what seems to worry the market as a split is likely to lead to a battle on which one is the real ethereum. Today and the next couple of days is likely to be interesting.
Looking ahead to the rest of the day, expect some volatility within $5800 price region in the bitcoin market for today. As for ETH, no one can guess what is going to happen but if the fork ends up fine, we could see the ETH prices shoot towards their all time highs in the short term.
The Best and Safest Way to Buy and Sell Bitcoins
For those who are looking to take advantage of Bitcoin and other cryptocurrencies price fluctuations, Some brokers provide traders with instant access to trade Bitcoin, Bitcoin Cash, Ethereum and other cryptocurrencies. The process is fast and easy with convenient and advanced trading platform (desktop and mobile), low spreads and instant execution. Click here for more details.