The BTC prices continued to range near its support region and consolidated as the lack of drivers for the price has been keeping the prices close to the lows of its range. We have been saying that the bulls need to bring in some action pretty soon and make their intentions clear else the weak traders would like to drop their bags and walkoff if they do not see any gains being made from their holdings. This is likely to happen if the consolidation continues to prolong for a long time and this is also something that they have to protect themselves against. The BTC prices have not been able to sustain their move above the $7000 region and this should be a matter of concern from the bulls.
Prices Continue Consolidation
This is not something that is affecting only the BTC prices but this is something that is seen all across the markets at this point of time. The dollar has also not been very strong at this time and so it is indeed a surprise that the BTC market has not been able to take advantage of this fundamental change and it also shows how weak the BTC market and the crypto market is, at this point of time as the role of the speculators and the day traders becomes lesser and lesser as the market becomes more mature.
The ETH prices have been doing slightly better than the BTC market over the last couple of days as some developments in the network have sought to enhance the confidence of the market in the ETH network. This has helped the prices to push through $410 and trade just short of the $420 resistance region as of this writing.
Looking ahead to the rest of the day, we do not have any major fundamentals going on in the crypto market and so we can expect more of the consolidation and ranging to happen. It is likely that the support region would come under pressure once again and hence the traders should keep an eye out for the price action there.
This article was originally posted on FX Empire