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
Bullish
Wall Street
Bullish
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
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
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • While BTC has been making steady, strong gains over the last 2-3 months, altcoins have noticeably lagged until this week when they recorded double-digit gains in active turnover. Get your $btc market update from @nickcawley1 here:https://t.co/kbdV4Jn54x https://t.co/7NOZo03UnO
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 94.16%, while traders in NZD/USD are at opposite extremes with 72.74%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/e3xwF1vszh
  • 🇰🇷 Business Confidence (NOV) Actual: 85 Previous: 79 https://www.dailyfx.com/economic-calendar#2020-11-24
  • Indices Update: As of 21:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.42% France 40: 0.34% Germany 30: 0.22% Wall Street: 0.01% US 500: 0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/mUEoCcd11x
  • USD/MXN rates have broken through critical support in recent days, continuing the pair’s descent since the US elections in early-November. Get your $USDMXN market update from @CVecchioFX here:https://t.co/SC7HTzULrF https://t.co/icXuUkaA0f
  • Heads Up:🇰🇷 Business Confidence (NOV) due at 21:00 GMT (15min) Previous: 79 https://www.dailyfx.com/economic-calendar#2020-11-24
  • Canadian Dollar Price Outlook: USD/CAD Drops to Key 1.30-Level as Crude Oil Surges -via @DailyFX Link to Analysis: https://www.dailyfx.com/forex/market_alert/2020/11/24/usd-cad-price-outlook-canadian-dollar-climbs-with-crude-oil.html $USDCAD $CAD $CL_F #FX #Forex #OOTT https://t.co/MHRzYq6QfH
  • RT @RiskReversal: Join @GuyAdami & @RiskReversal for The Macro SetUp sponsored @IG_US. This week we discuss the FOMO gripping equity invest…
  • Commodities Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.20% Silver: -1.57% Gold: -1.77% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/ZzDjahQjms
  • I was very fortunate to have the opportunity to sit down and talk with @GuyAdami and @RiskReversal earlier this morning, where we discussed a number of hot topics in the market Give it a watch - https://t.co/hRFEpt1W26
Bitcoin Chart Analysis - BTC Price Soars on Technical Breakout

Bitcoin Chart Analysis - BTC Price Soars on Technical Breakout

2018-04-12 14:05:00
Nick Cawley, Strategist
Share:

Bitcoin News and Talking Points

- Bitcoin surges through the December downtrend.

- Higher prices ahead or another false dawn?

IG Client Sentimentshow that 74.0% of traders are net-long of Bitcoin but recent changes in client holdings leaves the outlook for BTC mixed. Download our free guide to see what this means and how traders can use this data to their advantage.

Bitcoin (BTC) Rally Sparks Optimism but Traders Need to be Wary

The dominant cryptocurrency Bitcoin produced a near $1,000 (15%) rally in a matter of a couple of hours, pushing the coin back above the down trend established back in late December. The technical move – no fundamental reasons were identified at the time of writing – off the lower support level has changed the technical outlook in the short-term with a close around the current levels signaling higher prices. The first upside target is situated at the top of the channel at $8,420 ahead of Fibonacci retracement at $9,385. Support remains firm at $6,400 ahead of the February 6 low at $5,932, while the relative strength indicator is pointing higher and has room to push higher.

We identified a potential Bitcoin breakout earlier this week – Bitcoin (BTC) Price Nears Bear Trend Breakout please note we have changed charts to ProRealTime.

Traders should however be wary of the false breakout at the beginning of March which quickly reversed lower and pushed BTC back below the December down trend. The market will need consolidation at these current levels ($7,700) over the next few days to re-install confidence in the space and allow prices to run higher.

We discuss a range of cryptocurrency charts and price set-ups at our Weekly Cryptocurrency Webinar every (Wednesday) at 12:00.

Bitcoin (BTC) Price Chart in US Dollars(September 29, 2017 – April 12, 2018)

Bitcoin Chart Analysis - BTC Price Soars on Technical Breakout

Cryptocurrency Trader Resources – Free Practice Trading Accounts, Guides, Sentiment Indicators and Webinars

If you are interested in trading Bitcoin, Bitcoin Cash or Ethereum we can offer you a wide range of free resources to help you. We have an Introduction to Bitcoin Trading Guide along with a Free Demo Account. In addition we run a Weekly Bitcoin Webinar and have an IG Bitcoin Sentiment Indicator to help you gauge the market and make more informed trading decisions.

What’s your opinion on Bitcoin – bullish or bearish? Share your thoughts and ideas with us using the comments section at the end of the article or you can contact me on Twitter @nickcawley1 or via email at nicholas.cawley@ig.com.

--- Written by Nick Cawley, Analyst.

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

DISCLOSURES