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.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
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
Oil - US Crude
Wall Street
More View more
Real Time News
  • Dealing with the fear of missing out – or FOMO – is a highly valuable skill for traders. Not only can FOMO have a negative emotional impact, it can cloud judgment and overshadow logic. Learn how you can control FOMO in your trading here:
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here:
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here:
  • 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:
  • MACD who? The Moving Average Convergence Divergence (MACD) is a technical indicator which simply measures the relationship of exponential moving averages (EMA). Find out how you can incorporate MACD into your trading strategy here:
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here:
  • (Weekly Outlook) Australian Dollar Outlook: AUD/USD Divergence With Wall Street Risks Continuing #AUD $AUDUSD #Fed #Stocks
  • The US Dollar steadied against most ASEAN currencies this past week. Key support levels remain in play looking at USD/SGD, USD/THB and USD/PHP. USD/IDR may rise with a new trendline. Get your market update from @ddubrovskyFX here:
  • EUR/USD has been looking toppy since late May as bearish technical signals played out. But, rising Euro short bets from retail traders hint that the currency may hold its footing. Get your market update from @ddubrovskyFX here:
  • The Japanese Yen may rise as retail investors increase their long exposure in pairs like USD/JPY and EUR/JPY. Will these pairs turn lower? What are key levels to watch for? Find out from @ddubrovskyFX here:
Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE) - Sharp Bounceback After Another Elon Musk Tweet

Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE) - Sharp Bounceback After Another Elon Musk Tweet

Nick Cawley, Strategist

Bitcoin (BTC/USD), Ethereum (ETH/USD), and Alt-Coin Analysis and Charts:

  • Bitcoin, Dogecoin weekly losses being pared back, Ethereum ahead of the game.
  • The power of Elon Musk’s tweets may spell problems.

The cryptocurrency has had a turbulent few days with a tweet by Elon Musk sparking a heavy sell-off on Thursday before another tweet less than 24 hours later sent prices charging higher again. Market leader Bitcoin continues to underperform however and is currently -10% over the last 7 days, while Ethereum is +15% on a weekly basis. Across the spectrum, there are weekly winners and losers with Dogecoin down 11%, Cardano up 9%, Ripple down 16%, and Telcoin up 22%. A look at the top 100 coins by market cap shows far more losers than winners over the week, but these losses are currently being eroded away.

This week’s market sell-off was sparked by Tesla boss Elon Musk halting car payments in Bitcoin, bringing down another Musk favorite Dogecoin at the same time.

Bitcoin (BTC) and Ethereum (ETH) Crushed, Dogecoin (DOGE) Slumps 20% as Tesla Halts Bitcoin Payments

Late Thursday, Elon Musk then tweeted that he would work with Doge developers to ‘improve system transaction efficiency’ a bullish signal for the 4th largest coin by market cap.

Dogecoin (DOGE) Rallies Sharply on Elon Musk Co-Operation, Coinbase Adoption News

Elon Musk’s tweets are closely followed by the cryptocurrency and the volatility that they can cause is well known, especially for Musk’s favorites, Bitcoin and Dogecoin. The week’s sharp moves however show that the power of his tweets can move the market as a whole, a very unwelcome situation, even for the avid volatility chaser. Either that or the market as a whole is becoming very nervous about current cryptocurrency levels. Volatility is good, excessive short-term volatility is not.

The daily BTC chart remains neutral with yesterday’s sell-off candle in control of current price action. Bitcoin’s market dominance is now below 41% and continues to lag Ethereum. To regain an upward bias, BTC needs to open above yesterday’s high print at $52,900 and break above both the 20- and 50-day simple moving averages at $55,000 and $$56,100 respectively. The market is oversold, using the CCI indicator, suggesting that Thursday’s low at $46,070 is unlikely to be troubled.

Bitcoin (BTC/USD) Daily Price Chart

Bitcoin Chart

Ethereum is back around the $4,000 level and looking to haul back all of Thursday’s losses. Ethereum continues to outperform the market as a whole and now has a 20% market dominance. While Bitcoin is currently twice the size of Ethereum, this differential continues to contract with the Ethereum/Bitcoin spread now at 785 from a low of 228 at the end of December. Much has made of the Ethereum overtaking Bitcoin to take the top spot – the flippening – and as things stand, this is looking every more likely.

Ethereum (ETH/USD) Daily Price Chart

Ethereum Chart

Traders of all levels and abilities will find something to help them make more informed decisions in the new and improved DailyFX Trading Education Centre

What are your views on Bitcoin (BTC),Ethereum (ETH), and the Alt-Coin Market – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

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