There has not been much by way of developments in the bitcoin industry over the last 24 hours but what has been noticeable is the fact that the bitcoin prices continue to be weak as we write this. We had mentioned the same in our forecasts over the last few days that the attention has shifted away from the BTC industry to the other coins and this is bound to have an effect on the bitcoin market. On the other hand, the bulls should be able to draw some comfort from the fact that, looking at the chart, the worst seems to be over and there has been a nice double bottom with a ping bar on the 4-hour chart which should point to a bounce in the prices over the next day or so.
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Prices Bounce Off Support
The prices trade just below the $17000 region as of this writing and we would not be surprised to see the prices near the $18000 region by the end of the day. But irrespective of what happens in the bitcoin market and its prices in the short term, we believe that there has been some fundamental changes in the market over the last few weeks and this should keep the BTC prices under pressure over the medium term. This should in turn force the investors and the speculators to turn towards the other coins during this period spurring their price growth.
Ethereum is likely to be one of those that is going to get benefitted by all the attention on the alt coins. In fact, it is in a prime position to take advantage of this shift as it is generally considered as the second best coin in the crypto world and it has better fundamentals than even bitcoin. This is the reason why we have been seeing the ETH prices continue to rise over the last few weeks and we have seen the prices rise towards the $800 region and further during this period.
Forecast
Looking ahead to the rest of the day, expect the BTC prices to continue to move higher during the course of the day which should temporarily shift the focus away from the ETH market and make it to consolidate and range over the next 24 hours.
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This article was originally posted on FX Empire