link3969 link3970 link3971 link3972 link3973 link3974 link3975 link3976 link3977 link3978 link3979 link3980 link3981 link3982 link3983 link3984 link3985 link3986 link3987 link3988 link3989 link3990 link3991 link3992 link3993 link3994 link3995 link3996 link3997 link3998 link3999 link4000 link4001 link4002 link4003 link4004 link4005 link4006 link4007 link4008 link4009 link4010 link4011 link4012 link4013 link4014 link4015 link4016 link4017 link4018 link4019 link4020 link4021 link4022 link4023 link4024 link4025 link4026 link4027 link4028 link4029 link4030 link4031 link4032 link4033 link4034 link4035 link4036 link4037 link4038 link4039 link4040 link4041 link4042 link4043 link4044 link4045 link4046 link4047 link4048 link4049 link4050 link4051 link4052 link4053 link4054 link4055 link4056 link4057 link4058 link4059 link4060 link4061 link4062 link4063 link4064 link4065 link4066 link4067 link4068 link4069 link4070 link4071 link4072 link4073 link4074 link4075 link4076 link4077 link4078 link4079 link4080 link4081 link4082 link4083 link4084 link4085 link4086 link4087 link4088 link4089 link4090 link4091 link4092 link4093 link4094 link4095 link4096 link4097 link4098 link4099 link4100 link4101 link4102 link4103 link4104 link4105 link4106 link4107 link4108 link4109 link4110 link4111 link4112 link4113 link4114 link4115

Bitcoin and Ethereum Price Forecast – BTC Prices Crash Through Support

Bitcoin and Ethereum Price Forecast – BTC Prices Crash Through Support

Bitcoin and Ethereum Price Forecast — BTC Prices Crash Through Support

The BTC prices have fallen hard over the last few hours and the prices now trade below the $7500 region as of this writing. We had mentioned yesterday that the support region around $7800 was under severe pressure and if and when there is a break through this region, we should see the bears back in control and that’s what we are seeing now. There are no specific reasons for the fall in prices, as the BTC prices lack fundamentals but we could say that the general risk off sentiment that is seen in the markets could also be one of the reasons.

Prices Below $7800

The lack of fundamentals is also telling and the lack of momentum from the bulls could also be attributed to this fall. The prices have been trading near the support region for far too long and the investors and the traders, who are weak holders, have got tired of this loss of momentum and they were looking for the first opportunity to exit the market and once they saw that the prices began to fall slightly, they have taken the opportunity to sell off and push the prices even lower. Now, we are probably looking even further below for support which could once again come in the $6600 region but if and when the prices get there, we could be seeing some serious panic in the markets.

 

The ETH prices have also crashed lower and the prices are now trading below the $600 region as of this writing. Just as how the move higher in the prices was strong, we are seeing the move lower also being quite strong and this has led the markets to be under a lot of pressure of late. We believe that the market is likely to find some support in the $580 region but we have to see whether that would be enough to hold off the selling that we are seeing.

 

Forecast

Looking ahead to the rest of the day, we could see the selling continue for the short term though some decent supports are nearby in both the BTC and ETH markets. We would wait to see a turnaround in the risk sentiment and if and when that happens, we could see the prices move up higher.

 

Author Colin First

 

Alan Zibluk Markethive Founding Member