News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bullish
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • Dollar Index has broken major uptrend support and risks accelerated losses into the December open. Get your $USD technical analysis from @MBForex here:https://t.co/Txo8l8S1f1 https://t.co/YLVzP95JH8
  • The MACD is an indicator that uses exponential moving averages (EMA) to determine trend strength along with entry points based on crossovers. Find out how you can use the MACD as a buy/sell signal here: https://t.co/qxnP99uqTQ https://t.co/tGVqSZ2zK3
  • Support and resistance are the cornerstone of technical analysis, making it the foundation that you build your knowledge on. Build a stronger foundation here: https://t.co/yXLaRpl90I https://t.co/reMoYpqkQO
  • Struggling to define key levels? Floor-Trader Pivots assist traders in identifying areas in a chart where price is likely to approach and can be used to set appropriate targets, while effectively managing risk. Learn how to use this indicator here: https://t.co/Ye4m1FMKUW https://t.co/sqeRL7Rf7u
  • Cyclical and non-cyclical stocks can help diversify a trader’s equity portfolio. Get your guide to understanding these stocks here: https://t.co/h7BKTd2J8N https://t.co/ukOW0dWJxf
  • Beautifully put. https://t.co/0fBsmUH6Pb
  • Gold prices could claw back lost ground ahead of the non-farm payrolls report for November, buoyed by a dovish FOMC, falling real yields and rising inflation expectations. Get your $XAUUSD market update from @DanielGMoss here:https://t.co/3mqut0yQIQ https://t.co/nfyycibwKM
  • Recessions can devastate the economy and disrupt the fortunes of individuals, businesses, and investors. But economic decline in the business cycle is inevitable, and your trading can be defined by how you respond to crisis. learn how to prepare here: https://t.co/e4CnobJCss https://t.co/UWnLJHVPN4
  • Rather than focusing on earning a specific number of pips per day, traders need to focus on what can be controlled. In trading terms this relates to following a strategy perfectly, with no emotion or hesitation. Learn more here: https://t.co/6ZH026QLRN https://t.co/JJIyKh8r1l
  • That if you’re offended by what someone says on Twitter and that ruins your day, you live an extremely lucky life to be able to have that be your biggest problem for the day. https://t.co/H9KQjR3ViK
Bitcoin Price Surges 57% off Monthly Lows- Bullish Breakout Potential

Bitcoin Price Surges 57% off Monthly Lows- Bullish Breakout Potential

2018-02-14 18:15:00
Michael Boutros, Strategist
Share:

It’s been a volatile start of the year for Bitcoin with the cryptocurrency plummeting a staggering 70% off the record highs set in December before rebounding sharply last week. The recovery is now approaching initial resistance and our focus over the next few days will be on breakout of the February opening range.

Bitcoin Daily Price Chart (Log)

Bitcoin Price Chart - Daily Timeframe

Technical Outlook: Bitcoin prices rebounded sharply early in the month off the 76.4% retracement of the July advance at 6039 with the rebound attempting to breach above confluence resistance today at 9164. A close above this threshold would alleviate further downside pressure near-term with such a scenario targeting monthly open resistance at 10149 backed by the 12/22 swing low / 38.2% retracement at 11171.

New to Bitcoin Trading? Get started with this Free Beginners Guide

Interim support rests with the 200-day moving average – a break there would once again look to challenge the March uptrend slope support around 7100. Key support remains steady at 6039.

Bitcoin 240min Price Chart (Log)

Bitcoin Price Chart - 240min Timeframe

Notes: A closer look at price action sees Bitcoin trading within the confines of a near-term ascending channel formation with interim confluence resistance eyed around 9557-9715. The immediate advance may be vulnerable heading into this region near-term, but the focus remains higher for now while above 8337.

Why does the average trader lose? Avoid these Mistakes in your trading

Near-term bullish invalidation rests at 8135 with a break there shifting the focus back towards the monthly lows. Bottom line: the focus remains higher near-term while above 8135 with a breach above a 9715 needed to fuel the next leg higher in price. From a trading standpoint, I’m looking higher near-term with the rally to ultimately offer better short-entries higher up near 10990-11171.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis mini-series

BTC/USD IG Client Sentiment

Bitcoin IG Client Sentiment
  • A summary of IG Client Sentimentshows traders are net-long BTCUSD- the ratio stands at +2.37 (70.3% of traders are long) – bearishreading
  • Long positions are 1.3% higher than yesterday and 4.2% lower from last week
  • Short positions are7.7% lower than yesterday and 1.0% higher from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Bitcoin prices may continue to fall. Retail is more net-long than yesterday but less net-long from last week. The combination of current positioning and recent changes gives us a further mixed Bitcoin trading bias from a sentiment standpoint.

See how shifts in BTC/USD retail positioning are impacting trend- Click here to learn more about sentiment!

---

Other Setups in Play

- Written by Michael Boutros, Currency Strategist with DailyFX

To receive Michael’s analysis directly via email, please SIGN UP HERE

Follow Michael on Twitter @MBForex or contact him at mboutros@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES