Bitcoin and Ethereum Price Forecast – Prices Crash Lower

September 14, 2017

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The bitcoin prices continued to move lower in what can be viewed as one of the most challenging phases for the fledgling market as yet. The market has already been reeling from the effects of the ICO ban from China over the last 10 days and the traders and the investors are clearly jittery on what could happen next. We also saw the CEO of JPMorgan trash bitcoins as a fraud in his speech at a investor conference yesterday and that brought in further weakness to a market which was already too willing to sell. Then there was the news that one of the exchanges in China, bitkan, was going to stop their OTC trading from Thursday and this pushed the bitcoin prices even lower through the $4000 region.

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Bitcoin Prices Suffer on China Jitters

The prices now trade at the next support region of $3800 and they look quite weak as of this writing and there is a good possibility that it could move even lower in due course of time. Things are still unclear in China on whether they are going to ban all bitcoin trading outright and the investors and traders do not want to take a call as yet on which direction they want to go unless things are clear. This is causing further weakening in the market.

Ethereum prices have also been following the bitcoin prices lower during the course of the last 24 hours and now they are in the support region of $270 and like bitcoin, they look very weak and are looking to move even lower in the short term. This is proving to be a challenge for the market and is probably the first challenge of many in the medium term as the market begins to mature and seek the right way to move forward.

Forecast

Looking ahead to the rest of the day, the market would be watching the developments from China very closely. It is clear that the market is on edge and it only needs a small push from somewhere to push it in either direction in the short term. Traders would be well advised to stay away at this point of time and wait for the dust to settle.

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This article was originally posted on FX Empire