The BTC prices continued to consolidate and range for most part of the weekend as the bulls have not been able to retain control. Now the situation is fluid with the market capable of moving in either direction over the next few days. It is indeed a surprise that the markets have not been able to push higher but what should give the bulls some hope is that the fundamentals behind the crypto market are getting stronger by the day. Every passing day, we are seeing more and more big companies entering into the market which is a good sign that things are only going to get better. These big companies enter the market with large plans and so this shows that the crypto industry is here to stay.
Prices At Support
We are also seeing more and more banks beginning to adopt the blockchain technology and looking to replace their legacy systems with the new technology and again, this is only good for the industry in the long and medium term as well. So, the fundamentals are only getting stronger but it is the general character of the fundamentals that it begins to percolate into the market only after some time in a slow and steady manner. Hence, the bulls have to bide their time and the traders will have to be careful about their holdings at this point of time and would need to wait and see how the situation pans out and not get caught in the short term moves that are likely to be reversed.
The Ethereum market has also been consolidating though it can be clearly seen that the volatility in the ETH market has picked up considerably in the recent days and we are seeing the prices move up and down in a quick manner and in a size that is larger than what is seen in the BTC market in relative terms. The prices are expected to remain buoyant in the short and medium term.
Looking ahead to the rest of the day, we can expect the consolidation and ranging to continue for the day with the support regions in the BTC and the ETH markets expected to hold in the short term.
This article was originally posted on FX Empire