Bitcoin and Ethereum Price Forecast – Prices Threaten to Break Through Support

Bitcoin prices have crashed to the strong support region of $4000 as of this writing as the confusion and uncertainty about what China will do to the bitcoin exchanges and what follow up action would take place with regard to the ban on the ICOs continue to dominate the markets and keep the prices under pressure. There are a lot of rumors floating around on what action would be taken by the Chinese regulators in the near future with some media outlets saying that they have been informed by their Chinese sources that the exchanges would be shut down.

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Bitcoin Prices Crash to Support

There has not been any official news regarding this and this just adds to the confusion and has put the bitcoin prices under pressure. The market is very jittery at this point of time as it believes that the action could come in anytime and probably it is now that the traders realise the lack of fundamentals and logic in some of their investments. Bitcoin and blockchain are here to stay but like with anything, they are a double edged sword and it is upto to the traders and the investors to put their funds in a logical manner and trade with strong stop losses and also ensure that they do not over commit at any point of time out of greed.

The Ethereum prices have also followed the example of the bitcoin market and have moved lower and now sit at the support region of $270 as of this writing as the entire cryptocurrency market has been spooked by the action from the Chinese regulators and the uncertainty seems to be killing the market as it throws the traders and investors off balance.

Forecast

Looking ahead to the rest of the day, we have to wait and see how things develop during the course of the day and it would be better to stay off the BTC and ETH markets for the short term and wait for the dust to settle and the market to stabilise before evaluating the situation again.

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This article was originally posted on FX Empire

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