Bitcoin prices seem to have completed their consolidation and correction period as the prices have shot back towards the $7300 region as of this morning. There has been a healthy correction towards the $7000 over the last couple of days and after a bit of consolidation in that region, we are now seeing the prices moving higher again. But traders need to be a bit careful at these levels and trade with tight stop losses as the bitcoin industry looks ahead to the hard fork next week. This fork is likely to be the biggest in the short history of the bitcoin market and hence it full impact is as yet unknown.
Prices To Remain Choppy
The fork involves some of the major developers in the bitcoin market and the Segwit2X proposal that they have projected has not been accepted by the original set of developers and hence the new crypto that will be born through the fork is likely to bring in a lot of discontent and uncertainty in the industry. This is likely to keep the bitcoin prices under pressure in the lead up to the fork and even after the fork is done, we need to wait for a few days to understand the full impact. That is why it is important to understand the full impact before diving into another trade as any of the above events could lead to a large drop in the prices due to panic selling.
As far as the ETH market is concerned, the prices dropped towards the $280 region over the last 24 hours but like the bitcoin prices, the ETH prices have also recovered over the last few hours and trade just below the $300 region as of this writing. This consolidation and correction in the ETH market has been going on for quite sometime and is likely to continue for the short term.
Looking ahead to the rest of the day, we are likely to see an attempt at the all time highs once again in the bitcoin market while the ETH prices continue to trade in a subdued manner. The BTC prices are likely to be choppy in the short term and hence the traders need to be careful during this period.
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