Bitcoin And Ethereum Daily Price Forecast - Crypto Market Range Bound As Investors Turn Cautious Ahead of Constantinople Hard...
January 11 2019 - 5:24AM
ADVFN Crypto NewsWire
Following yesterday’s two way price action, Bitcoin and Ethereum
are trading range bound with bearish bias today as new hit market
that Japan’s Financial Regulator denied
interest in Bitcoin ETF. Earlier this week, Bloomberg published
an article stating that Japan FSA is considering green lighting
Bitcoin ETF’s, however news hit market today that Japan’s FSA
has denied making any such decision. According to article from
cryptocurrency news website – cointelegraph, their representative
in Japan got in touch with Financial Services Agency which then
denied making any decisions relating to approval of ETF and had no
idea on who was the source behind Bloomberg’s article.
Crypto Market Turned Dovish On FSA’s
Latest Update
Traders are approaching crypto
currency market with caution now that holiday recovery rally which
gave Bitcoin and other Altcoins solid bullish boost has expired.
Investors focus remains on Ethereum network upgrade widely known as
Constantinople hard fork and its impact on the coin’s price action
in market which has resulted in range bound price action in crypto
markets. Bitcoin is now trading dangerously close to $4000 price
mark with range bound price action having failed in its attempts to
gain solid foot hold above $4100 price level. However given
market’s positive reaction to crypto market despite lack of solid
fundamentals, traders believe Bitcoin is forming next level of
support at $4000 mark now that it has gained solid grip on $3500
mark.
As of writing this article, BTC/USD pair is trading flat at $4040.6
down by 0.40% on the day. Meanwhile Ethereum is expected to
continue trading sluggish as both retail traders and institutional
investors are averse to placing any major bets ahead of hard fork.
However crypto enthusiasts and day traders looking for quick
product continue to bet on Ethereum as the coin seems to have found
stable foothold above $150 mark despite lack of volatility and
decent trading volume in market. ETHUSD pair is currently trading
at $152.07 down by 0.56% on the day.
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