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Bitcoin and Ethereum Price Forecast – BTC Prices Correct a Little

The BTC prices continue to rush ahead as the prices have now cleared the strong resistance region around $9000 and are heading higher towards the $10,000 region. As this region is psychologically very important, we are likely to face some headwinds and a lot of selling and it is likely that there might be a bit of a correction. But as long as the support region around $9000 holds, we should see the prices continue to be under the control of the bulls who would be looking to push it through $10,000 and beyond in the short term.

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Prices Choppy

There has not been any major fundamental developments in the market over the last 24 hours and that is one of the main reasons why we are seeing some stability in the market. What we are seeing now is something that is very different from what was seen last year as last year, the volatility was much higher and we seemed to be in a permanent bull run. This is a sign of a mature market that has seen it all and there are not very many things that could go wrong from now on and that is why we are seeing the traders and the investors beginning to enter back into the market so that they dont lose out in the bull run.

Bitcoin 4H
Bitcoin 4H

The ETH prices have also been moving higher though it has suffered a large correction over the last couple of hours as of this writing. This can only be viewed as a correction and a chance for those who have missed out, to load up on their longs for the next move higher.

Forecast

Looking ahead to the rest of the day, we should see some correction and consolidation during the day. We should also be watching the price action in the $9000 region if and when the BTC prices get there. If there is some strength being shown there, then we can be confident of the next leg higher.

This article was originally posted on FX Empire

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