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Bitcoin (BTC) Price Stuck, Nasdaq Announces BTC and ETH Pricing

Bitcoin (BTC) Price Stuck, Nasdaq Announces BTC and ETH Pricing

2019-02-13 11:30:00
Nick Cawley, Strategist
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Bitcoin (BTC) and Ethereum (ETH) Price, Chart and Analysis

  • Bitcoin remains range-bound and eyes lower levels.
  • Nasdaq to launch new real-time pricing shortly.

If you are interested in trading the cryptocurrency market, we have produced a Day Trading Guide to Bitcoin and Other Cryptocurrenciesto help you better understand this highly volatile asset class.

Bitcoin continues to trade in a range with little fundametal news to drive prices action. Turnover has remained steady this year with the Cryptocurrency market capitalization and the price of Bitcoin closely aligned. The small spike in volume seen on February 9 has lifted BTC off its recent lows and indicates buying interest around the $3,300 area.

Bitcoin (BTC) Price Stuck, Nasdaq Announces BTC and ETH Pricing

Chart by Coinmarketcap.com

Sign up to the IG Client Sentiment Indicator to get updated retail positioning data for a range of cryptocurrencies.

At the start of the week, Nasdaq announced that, from February 25, it will launch real-time indices for both Bitcoin and Ethereum, a move that will make pricing easier. According to Nasdaq, The Bitcoin Liquid Index (BLX) and the Ethereum Liquid Index (ELX) are each designed to provide a real-time spot or reference rate for the price of 1 BTC and 1 ETH respectively, quoted in USD, and based on the most liquid ends of their markets’. The indices will be quoted in US dollars and have a pricing frequency of 30 seconds.

A look at the daily Bitcoin chart reveals a trading pattern similar to the one seen between early-September and mid-November last year. The recent sideways movement now sees BTC trading between the 20-and 50-day moving averages, yet still a long-way below the 200-day ma. A break below support opens the way to $2,970, the September 15, 2017 swing-low ahead of the July 16, 2017 low around $1,790.

Bitcoin (BTC) Daily Price Chart (April 2018 – February 13, 2019)

Bitcoin (BTC) Price Stuck, Nasdaq Announces BTC and ETH Pricing

If you are interested in learning more about technical analysis and how to construct a trading plan, visit the DailyFX University where our experts will help you build your trading skills.

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

If you are interested in trading Bitcoin, Bitcoin Cash, Ethereum, Litecoin or Ripple we can help you begin your journey. We have an Introduction to Bitcoin Trading Guide along with a Free Demo Account so you can practice trading this volatile asset class.

What’s your opinion on Bitcoin at these levels? 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.

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