The BTC prices continued to move in a sideways fashion for much of the day yesterday as the market consolidated before its next move. The investors and traders are still uncertain in which direction the prices are likely to move and unless and until they are pretty sure of that, it would be difficult to draw them back into the markets and that is why we have been seeing some choppy trading over the last couple of days. Looking ahead, we believe that this is going to last for the short term as the uncertainty and risk stretches.
BTC Prices Consolidate
The market has been driven lower by the actions from the Japanese regulators and the SEC and the market is not yet sure how it should respond. Though the actions are not something new and they are in line with what was expected from them over the last few months, the market and the investors are quite jittery with the fall in the prices and the fact that the BTC prices have not been able to breach the $12000 region has only added to the uncertainty and risk. So, unless the investors see a solid move, they do not want to commit themselves at this point of time.
The ETH prices have also been under pressure during this period and they continue to be held higher by the support region around $680 though it increasingly looks as though the prices would be under pressure for a prolonged amount of time and this is going to keep the traders under risk and uncertainty. It also remains to be seen how long the support is likely to hold up.
Looking ahead to the rest of the day, expect some more consolidation with a bearish bias during the day as the market is not yet very confident on whether to go full steam ahead as yet. This should tie the prices to the lows of their ranges.
This article was originally posted on FX Empire
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