The bitcoin prices made a brief attempt to break through the short term range as the prices moved towards the $4500 region and did make a new high but the selling there in that region was too much and the prices have since corrected back towards the $4200 region. It looks as though it is only a matter of time before the bulls launch another leg of the bull run, which seems to be continuing forever.
Bitcoin Prices Consolidate
With most of the traders on holiday over the weekend and with the liquidity likely to be low during that period, it is quite possible that the breakout may come over the weekend as it has been happening over the last 2 weekends. It is anybody’s guess on when and where this bull run in the bitcoin prices is likely to end but we believe that the bull end will not end but rather stall when the prices reach a stage where investing in the bitcoins may no longer be an option for smaller traders and they may then try to branch out into other cryptocurrencies as a better option to get higher yields within a short span of time.
Ethereum prices continued to consolidate during the course of the last 24 hours as the ETH market has been subdued since the starting of the week due to the excessive attention and focus being given to the bitcoin market. But with ETH being groomed as an able heir to bitcoins, we feel that it is only a matter of time before the focus shifts to ETH and then we are likely to see a large run during that period.
For today, we expect the consolidation to continue in both the markets as the traders prepare themselves for the weekend. The increased global risk as a result of the attack in Spain has caused the stock markets to crash and this is likely to benefit the bitcoin and ETH prices as some of the funds get diverted into these markets. So, watch out for some action today and over the weekend.
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This article was originally posted on FX Empire