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. See our updated Privacy Policy here.

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
Wall Street
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • (AUD Weekly Tech) Australian Dollar May Wilt, Downtrends Resume: AUD/USD, AUD/JPY, AUD/NZD, AUD/CAD https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2021/09/19/Australian-Dollar-May-Wilt-Downtrends-Resume-AUDUSD-AUDJPY-AUDNZD-AUDCAD.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/DedoOKJMXh
  • Entry orders are a valuable tool in forex trading. Traders can strategize to come up with a great trading plan, but if they can’t execute that plan effectively, all their hard work might as well be thrown out. Learn how to place entry orders here: https://t.co/1mnOXUuBpt https://t.co/GQB0ic9Ahe
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here: https://t.co/vg7w10la3j https://t.co/lx3cMSpZNc
  • Further your forex knowledge and gain insights from our expert analysts on EUR with our free guide, available today: https://t.co/XtydfUNW0y https://t.co/n4NXZUovb0
  • Scoping out next week for trading the market, there are a range of high profile influences including September PMIs, Evergrande and a range of central bank decisions. Top listing on my docket is the #FOMC with my scenarios below. Full analysis: https://www.dailyfx.com/forex/video/daily_news_report/2021/09/18/SP-500-and-Dollar-on-the-Hook-for-Breaks-with-Evergrande-Fed-and-September-Trade-Ahead.html https://t.co/ZdoMJS9fp5
  • Looking for a new way to trade reversals? One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about sentiment in the market. Get better with trading reversals here: https://t.co/rfwUWJfbz9 https://t.co/Q3Yfe6TMLw
  • The non-farm payroll (NFP) figure is a key economic indicator for the United States economy. It is also referred to as the monthly market mover. Find out why it has been given this nickname here: https://t.co/yOUVEEqhc5 https://t.co/6inC94w5K4
  • All eyes on the Fed on Wednesday as investors weigh on chances of a taper announcement. Get your weekly equities forecast from @HathornSabin here: https://t.co/Cv06XcvldF https://t.co/I12g2YPkdE
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/KsPiWBysiR
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/iUvhLfQgcK
Bitcoin Price Outlook: BTC/USD Rally Falters- Crypto Trade Levels

Bitcoin Price Outlook: BTC/USD Rally Falters- Crypto Trade Levels

Michael Boutros, Strategist

Bitcoin Technical Price Outlook: BTC/USD Trade Levels

Bitcoin prices have rallied more than 40% off the yearly lows with the cryptocurrency at risk for near-term exhaustion just below the October highs. These are the updated targets and invalidation levels that matter on the BTC/USD price charts heading into the monthly open. Review my latest Strategy Webinar for an in-depth breakdown of the setups we’re tracking this week.

Bitcoin Price Chart – BTC/USD Daily

Bitcoin Price Chart - BTC/USD Daily - Cryptocurrency Trade Outlook - BTC Technical Forecast

Chart Prepared by Michael Boutros (log scale), Technical Strategist; Bitcoin on Tradingview

Technical Outlook: Bitcoin broke out of a multi-month downtrend formation in January with price rallying more than 34% from the yearly open before faltering at the October close high at 9557. BTC/USD continues to trade within the confines of an ascending pitchfork formation extending off the November / December lows - while the broader outlook remains constructive, the immediate advance may be vulnerable near-term while below this threshold as daily RSI marks ongoing momentum divergence into these highs.

Interim support rests at the May high pivot at 9096 backed by the highlighted confluence zone the 200-day moving average / 25% parallel around ~8870s. Key support / broader bullish invalidation rests with the lower parallel which converges on the January opening-range high and the 38.2% retracement at 8396-8464. A topside breach from here exposes subsequent resistance objectives at 10,152 and the 61.8% retracement at 11,032.

Bottom line: The immediate focus is on a break of the 9096-9557 range for guidance with the broader long-bias at risk while below this week’s high. From a trading standpoint, a good spot to reduce long-exposure / raise protective stops. A break lower would suggest a larger correction is under way – be on the lookout for downside exhaustion for into the lower parallels for possible entries IF reached. I’ll publish and updated Bitcoin Price Outlook once we get further clarity on the near-term BTC/USD technical trade levels.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

Bitcoin Trader Sentiment – BTC/USD Price Chart

Bitcoin Trader Sentiment - BTC/USD Price Chart - Crypto Trade Outlook - Technical Forecast
  • A summary of IG Client Sentiment shows traders are net-long Bitcoin - the ratio stands at +4.42 (81.55% of traders are long) – bearishreading
  • Long positions are8.09% lower than yesterday and 9.50% lower from last week
  • Short positions are 4.27% higher than yesterday and 2.09% 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. Yet traders are less net-long than yesterday & compared with last week and the recent changes in sentiment warn that the current Bitcoin price trend may soon reverse higher despite the fact traders remain net-long.

---

Active Trade Setups

- Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex

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

DISCLOSURES