Bitcoin Price Forecast – Consolidation To Continue

#bitcoin Price Forecast  Consolidation To Continue #ethereum #blockchain #invest #cash

  • Bitcoin prices, for a change, had to be content with being out of the limelight over the last few days as the prices consolidated and ranged and continued to be under some pressure from the dollar which helped to maintain the prices under a tight leash.
  • The prices are still in an uptrend in the medium and long term and this is confirmed by the fact that any correction in the prices has been met with some strong bounce over the last few days.
  • This is likely to continue in the short term and with the other instruments also undergoing some large volatility, it might be the right time for the bitcoin traders to take some rest and wait for the prices to show its hand.
  • Technically, we expect the bitcoin prices to continue to range and consolidate in the short term between $2200 and $2800.
  • Traders would be well advised to wait for a break in this range to set up positions for the long term while the range traders could take trades on the fringes of the range.

Bitcoin prices, for a change, had to be content with being out of the limelight over the last few days as the prices consolidated and ranged and continued to be under some pressure from the dollar which helped to maintain the prices under a tight leash. After all the volatility that we had witnessed

@bitcoinagile: #bitcoin Price Forecast Consolidation To Continue #ethereum #blockchain #invest #cash

Bitcoin prices, for a change, had to be content with being out of the limelight over the last few days as the prices consolidated and ranged and continued to be under some pressure from the dollar which helped to maintain the prices under a tight leash. After all the volatility that we had witnessed over the last week, this week has been relatively quiet.

This quietness has followed some strict technical and fundamental rules which has helped the traders to make informed decisions whenever they have wanted to go long or short on bitcoin. The prices are still in an uptrend in the medium and long term and this is confirmed by the fact that any correction in the prices has been met with some strong bounce over the last few days.

With the prices near the all time highs, it is natural  to expect some correction in the prices as the buyers pull out and watch whether there is enough ammunition for the prices to move higher. There is also profit taking in this region and position adjustment which is the reason for the choppy trading action that we have been seeing over the last couple of weeks. This is likely to continue in the short term and with the other instruments also undergoing some large volatility, it might be the right time for the bitcoin traders to take some rest and wait for the prices to show its hand.

Technically, we expect the bitcoin prices to continue to range and consolidate in the short term between $2200 and $2800. Though this might look like a large range for normal traders, the bitcoin traders would know that this range isnt too big. Traders would be well advised to wait for a break in this range to set up positions for the long term while the range traders could take trades on the fringes of the range.

This article was originally posted on FX Empire

Bitcoin Price Forecast – Consolidation To Continue