The BTC prices have tried to make a strong recovery over the last 24 hours and the prices now trade above the $7500 region as of this writing. There has been a general improvement in the risk sentiment but care has to be taken to view this as a complete reversal as yet as the prices continue to trade below the strong broken support turned resistance in the $7800 region which has been acting as the ceiling for the past few days. We had mentioned that the next strong support comes in the $6600 region and we have to wait and see how the price action pans out in the coming days to decide the future course of action.
Prices Above $7500
The BTC prices are likely to be locked between the $7800 and the $6600 region for the short and medium term as the market begins to open up for the long term and the larger investors in a slow and steady manner over the next few weeks. We have already seen the entry of many giants including Goldman and Nasdaq into the fray and all of this would only contribute to the growth and the maturing of the industry in due course of time. Till that happens, the traders would have to out up with the weakness for now and learn to live with it.
The ETH prices have shot higher over the last 24 hours showing that the market is alive and well. After threatening to break below the $500 region during this period, we are now seeing it trade comfortably above the $550 region as of this writing and showing that the fundamentals below the market and the network continue to be strong.
Looking ahead to the rest of the day, we can expect the market to trade in a buoyant manner over the day but the BTC prices would find it difficult to break through the $7800 region for the short and medium term. The bulls can wait for the prices to reach a support region before buying.
This article was originally posted on FX Empire