Bitcoin And Ethereum Daily Price Forecast – Major Crypto Coins Rangebound Ahead of Weekend By 0 65 The cryptocurrency market today continued its rangebound price action near weekly highs. While most major legacy cryptocurrencies saw price action with slight bearish tone, the price action was still well above critical support level suggesting that bulls have calmed down for a while as they failed to make a bullish breakout despite multiple attempts aiming for same over the last 48 hours. For now, price action continues to remain in a narrow range as momentum in the broad market is dictated by the speculative interest of crypto traders. As both bulls and bears lack fundamental support that could push price action in either side, the activity in the market is currently influenced by investors interpretation of headlines most of which fail to cause any real action in the market at end of the day. As of writing this article, BTCUSD pair is trading at $3905.
50 up by 0.54% on the day while ETHUSD pair is trading at $137.61 down by 0.
34% on the day. Bulls Lack Strength To Make Breakout In Immediate Future Overall price action has remained positive this week and bitcoin has even managed to scale strong support at $3900 handle above which the progenitor of cryptocurrency has managed to establish a stable price rally but continues to face strong resistance near $4000 handle. While regulatory authorities fail to approve bitcoin and other cryptocurrency based financial assets such as ETF’s & Futures owing to chance for price action being manipulated, latest comments from Chairman of US CFTC – Christopher Giancarlo underpinned market bulls and helped improve investor sentiment. Giancarlo stated that “the decrease in prices has helped end a speculative bubble” and believed that this will help the assets develop in positive light moving forward as the current market is slowly adopting Bitcoin and blockchain in real-world technologies and this should help the cryptocurrencies grow strong from a fundamental perspective. The growth of cryptocurrency with proper fundamental backing should make it less vulnerable to market manipulation and hints at a brighter future for Bitcoin and other major legacy crypto coins. While Ethereum managed to break above resistance near mid-$137 handle, price action remains capped there as news hit the market that Fidelity Digital Assets, the cryptocurrency wing of the global financial giant Fidelity Investment Inc, wanted to take time to test Ethereum on its performance post hark fork owing to numerous upgrades that came along with hard fork. While a positive evaluation result from same will provide a great boost for ETH bulls in the market, caution among investors as to what kind of result would turn out resulted in ETH bulls seeing still resistance leading to profit booking and slightly dovish price action. As explained above, speculative interest is the major driving force and for now, headlines inspired price action remains range bound as headlines hint at a mixed scenario without clear directional bias owing.
The rangebound action is likely to continue for a majority of the weekend with price action for Bitcoin and Ethereum limited above $3800 & $125 handles above both currencies are expected to see volatile price action in immediate and near future trading sessions. Please feel free to let us know what you think in the comments below. This article was originally posted on FX Empire More From FXEMPIRE:.
