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
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Bullish
Gold
Mixed
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
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • Heads Up:🇩🇪 Bundesbank Mauderer Speech due at 13:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-09-28
  • UK PM Johnson spokesman says a deal is still possible but significant gaps remain, adds that EU must adopt more realistic policy for a deal
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.52%, while traders in Germany 30 are at opposite extremes with 60.54%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/0hZsxwi79S
  • LIVE NOW: Join Technical Strategist @MBForex for his Weekly Strategy Webinar to review the setups we're tracking into the open of the week! https://t.co/chKtG7ezG9
  • ECB Sources - New rift opening in ECB GC over future stimulus & economic projections - Hawk wanted in Sep to quietly reduce pace of PEPP purchases and objected to projections excluding fiscal measures - Doves object to Lagarde's timid language on Euro strength
  • EU's Sefcovic says UK position far apart from what the EU can accept $GBP
  • Forex Update: As of 12:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 1.16% 🇦🇺AUD: 0.55% 🇪🇺EUR: 0.34% 🇳🇿NZD: 0.21% 🇯🇵JPY: 0.15% 🇨🇦CAD: 0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/40nxAUXNSB
  • Weekly Strategy Webinar starting in 15mins! https://t.co/lxd5fZnn4H
  • RT @meremortenlund: 🇺🇸💸Here is how to trade the US election https://t.co/mOl43ebajd
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here: https://t.co/5uSWKoLkd6 https://t.co/fqXGrwfEYs
Bitcoin Fails to Break $6,000; Consolidation Before Fresh Attempt

Bitcoin Fails to Break $6,000; Consolidation Before Fresh Attempt

2017-10-13 08:18:00
Nick Cawley, Strategist
Share:

Talking Points

- Bitcoin continues to make new highs as Asian buyers pile in.

- Sharp correction may see BTC consolidate before making a fresh attempt at $6,000.

The DailyFX Bitcoin Glossary is designed to provide traders with a continually updated reference for important terms and concepts essential for understanding the emerging cryptocurrency universe.

Bitcoin (BTC) Makes Yet Another All-Time High

Bitcoin’s relentless march higher saw the digital coin near $6,000 in heavy Asian volume with exchange turnover in excess of $4 billion at the time or writing. US dollar pairs saw the highest volume, followed by Korean Won and Japanese Yen denominated-pairs. The price surge followed Thursday break above the $5,000 level for the first time, continuing the rally from the September 15 ‘low’ of $2,975. The recent rally has taken the overall digital market valuation to just over $170 billion, just $7 billion short of its all-time high. The upcoming hard-fork is currently providing the driving force behind the market while the recent news that Japan FSA gave official approval to 11 crypto-currency exchanges is also helping to drive volumes and prices higher.

Bitcoin Fails to Break $6,000; Consolidation Before Fresh Attempt

A look at the hourly chart however shows that buyers did not have it all their own way as sellers sent the coin down over $300 in one hour as profit taking took hold. While the market looks as though it may consolidate in the short-term, the upward momentum remains intact and new highs are likely to be pursued with the 20-day ema at $5,400 providing the first level of support.

Chart: Bitcoin (BTC) Price Hourly Timeframe (October 10-13, 2017)

Bitcoin Fails to Break $6,000; Consolidation Before Fresh Attempt

I will be discussing all things Bitcoin and Ethereum every Wednesday at 12:00 pm – if you would like to join me, please click here.

Market Moves/Top 8 Capitalizations – October 13, 2017

Bitcoin Fails to Break $6,000; Consolidation Before Fresh Attempt

If you are interested in trading digital pairs and would like to practice trading either BTC or ETH, you can create a Quick and Free Demo Account Here

--- Written by Nick Cawley, Analyst.

To contact Nick, email him at nicholas.cawley@ig.com

Follow Nick on Twitter @nickcawley1

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

DISCLOSURES