Bitcoin and Ethereum Price Forecast – Bitcoin Bullish For Short Term

Bitcoin prices continued with their consolidation and ranging during the course of the last 24 hours and they trade just below $2600 as of this writing. This consolidation is likely to last for the short term. A lot of volatility was expected in the dollar based pairs yesterday due to the FOMC minutes but nothing much was borne out of it and this consolidation continues as usual.

The FOMC minutes was expected to provide some guidance on when the next rate hikes would be but it failed to provide that as the Fed members seemed unsure with the bad data that has been coming in from the US of late. There might be some traders and investors who might be wondering whether the bitcoin market is matured enough to react to the FOMC but these factors might be tiny at this point of time in this market but are likely to have a larger say going forward. Also, at the end of the day, if there is a better yield due to better interest rates, traders are likely to shift their focus there. So, it is always good to be aware of what is happening to the related currencies.

Bitcoin Forecast

Technically, a look at the 4H chart suggests a cup and handle pattern once again and the pair is looking to move higher in the short term. A clean break through the $2600 region should then target $2700 region in the short term and considering what the bitcoin is capable of, we should be able to achieve this in a day or 2.

Ethereum Stuck Below $280

The ethereum prices also seem to be recovering over the last 24 hours but we believe that the region around $280 should serve as a strong ceiling for now. We do not expect the prices to move above this region for now but considering the fact that the ranges seem to be getting tighter and tighter by the day, we should be seeing a breakout in either direction pretty soon and so the traders must be ready for that action when it comes.

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