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
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
Wall Street
Mixed
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Bearish
More View more
Real Time News
  • The $AUDUSD chart is tilting towards lower levels, will need to round the corner soon to turn outlook bullish. Get your market update from @PaulRobinsonFX here: https://t.co/iOpjZyKCUu https://t.co/PNujRmbnPF
  • A forex trader is strategic, disciplined and always switched on to the markets. Learn how to build an FX mindset here: https://t.co/tB3aAErd70 https://t.co/F0sw8vDx5k
  • The Nasdaq 100 index has likely formed an inverse “Head and Shoulders” pattern, which is typically viewed as a bullish trend reversal indicator. Prices may advance further to challenge their all-time highs. Get your market update from @margaretyjy here: https://t.co/tvkE2y6X03 https://t.co/nxxMZFB3Pu
  • Earnings season begins this week with the arrival of quarterly reports from the country’s largest banks. Can they shrug off losses from the recent Archegos blowup and rally higher or will risk aversion take root? Market update from @PeterHanksFX here: https://t.co/Q0LEH8fHzu https://t.co/ywVQ1KwZ26
  • Traders focus a lot of their energy on spotting the perfect time to enter a trade. While this is important, it is ultimately where traders choose to exit trades that will determine success. Learn about the three types of trading exit strategies here: https://t.co/muYkTNXH7s https://t.co/i70XLrni1w
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here: https://t.co/rz7fqhRoMG https://t.co/Zl7sfu0OT2
  • What suits your style of trading stocks or commodities? Find out what are the differences in these two markets here: https://t.co/BnA07cMV0s https://t.co/QqlZ2dQgVv
  • 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: https://t.co/CNtqrKWDBY https://t.co/lvIUu5FHoq
  • 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/bpKdIqGxsn
  • 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/jmcAIW4w5k
Bitcoin Slumps After SEC Reject Winklevoss ETF Proposal Again

Bitcoin Slumps After SEC Reject Winklevoss ETF Proposal Again

Nick Cawley, Strategist

Bitcoin (BTC): Prices, Charts and Analysis

  • Bitcoin off $600 from recent high after SEC announcement.
  • Rumor driven rally likely to unwind further.

IG Client Sentiment Reportshows that retail remain heavily long BTC by a ratio of 3.8 to 1.

Bitcoin (BTC) Rally Shackled by Negative SEC Ruling

The US Securities and Exchange Commission (SEC) sent BTC back below $8,000 Friday after it rejected a proposal by the Winklevoss brothers for a BTC ETF for the second time. The SEC said that the ruling was not based on the bitcoin/blockchain technology but on whether the markets are ‘resistant to manipulation’ and acts of fraud. The SEC is still considering the status of a variety of cryptocurrencies and their rulings will continue to move the marketplace in the future.

The recent rumor-driven rally pushed Bitcoin back to a multi-week high just under $8,500, a near 40% rise in a month. We warned on Wednesday of the Buy the Rumor – Sell the Fact nature of the market while the RSI indicator was trading in heavily-overbought territory.

Support likely around $7,700 before $7,000 comes into play – late May swing low and 20- and 50-day moving averages – while this week’s high print at $8,481 may be difficult to break in the short-term.

Bitcoin (BTC) Daily Price Chart (December 2017 – July 27, 2018)

Bitcoin Slumps After SEC Reject Winklevoss ETF Proposal Again

We covered Bitcoin, Bitcoin Cash, Ripple, Ether and Litecoin at this week’s Weekly Cryptocurrency Webinar on Wednesday and highlighted support and resistance levels for the five cryptocurrencies – you can access a copy of the webinar here

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