Bitcoin prices have bee consolidating over the last 24 hours as the traders and the speculators plan for the next move. This well and truly shows that the bitcoin market is back on track as the prices move ahead during the bullish leg and then spend some time in correction and consolidation phase before the next leg ahead. This has been the price action in the bitcoin market over the last few months and the fact that we have come back to this mode shows that the market is fully up and running.
Bitcoin Prices Consolidate
The hard fork in November is still on schedule but so far, it does not seem to be having much of an effect on the market. Maybe, as we get closer to the fork, we might start seeing some effect and some more consolidation and correction. The fact that the fork in August was handled well and it only made the bitcoin market even stronger, should be giving some solace to the investors and the traders and that is one of the reasons for the market to ignore the upcoming fork for now. We expect this consolidation to continue through to the weekend and the traders should watch out for a breakout through the new highs in the $5800 region over the weekend.
The ethereum market continues to lag behind the bitcoin market as the bitcoin prices continue to make and threaten new highs. The ETH prices are still around 25% away from their previous high and the ban on ICOs from various regulators seems to have had a debitating effect on the ETH market so far and it seems to be taking much longer to recover as compared to bitcoin. We continue to believe that the ETH market has a lot of potential and a long way to go but it just seems to be caught in a rut with a lack of support from traders and investors.
Looking ahead to the rest of the day, we do not expect to see too much action in the BTC or the ETH markets for today. There is nothing fundamental to look forward to for the day and hence we expect some consolidation and ranging to continue in the markets for the day.
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.