We had mentioned in our forecast on Friday that we would not be surprised if the prices of BTC shot higher and traded in the $8800 region on Monday and thats where we areas of this writing. There is a bit of correction and consolidation going on at the moment and if you see the daily charts, you will see that the prices are now in a region of resistance where a lot of selling is possible. That is why we are seeing the prices being held up at this point of time and this is likely to continue for today as the traders return back from the weekend and look to push the prices lower so that they can buy it back again at lower prices.
There has been a good improvement in the bitcoin network with the network getting faster, becoming more scalable and also we are seeing that the transfer costs are also getting lesser, which is all a sign of the market and the network becoming more and more mature. So, we would not be suprised if , on the long term, the prices continue to rise and push through the all time highs in due course of time. Of course, that would take a lot of time and effort from the bulls as they have to overcome cynicism and selling at various price points and this is only going to consume more and more time.
The ETH network has also been progressing very rapidly and this is reflected in the prices which have been jumping higher with a greater momentum than what is being seen in the BTC market. Breaking through the $600 region was a breeze and now the bulls have set their targets beyond $750.
Looking ahead to the rest of the day, we are likely to see some correction and consolidation in the BTC prices as the traders take profits and try to push the prices lower so that they can buy low.