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.

Free Trading Guides
EUR/USD
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
Gold
Mixed
Oil - US Crude
Mixed
Bitcoin
Bullish
More View more
Real Time News
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.01% 🇨🇭CHF: -0.11% 🇪🇺EUR: -0.13% 🇦🇺AUD: -0.38% 🇬🇧GBP: -0.46% 🇳🇿NZD: -0.73% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Kqe35jOTKg
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.12% Germany 30: 0.09% France 40: 0.07% US 500: 0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/Pttcexr8bT
  • Update on Commodities: Crude Oil: -2.43% Nat Gas: +1.36% Gold: +0.53% Silver: +0.71% Copper: -0.04% Soybeans +0.01%
  • Weekly Trade Levels: US #Dollar, $EURUSD, $GBPUSD, $USDCAD, #Gold & #Oil (Webinar Archive ) - https://t.co/9eJtCIP68t
  • Sentiment in the #Euro continued to deteriorate as speculators cut their gross longs by roughly 10k contracts, resulting in a $1.3bln increase in net shorts to over $10bln. Get your market update from @JMcQueenFX here: https://t.co/CbpA1kKbV8 https://t.co/cvpmJ2gvPO
  • UK PM Boris Johnson: Second #Brexit referendum would be more toxic than the first $GBP
  • CFTC update: - $EUR sentiment continues to deteriorate - $GBP net shorts once again pared back https://www.dailyfx.com/forex/technical/article/cot/2019/10/14/Euro-Shorts-Increase-Sharply-GBPUSD-Less-Bearish-USD-Bulls-Rise---COT-Report.html?CHID=9&QPID=917713 https://t.co/EsT7ANANa8
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.05% 🇨🇭CHF: 0.02% 🇪🇺EUR: -0.10% 🇬🇧GBP: -0.31% 🇦🇺AUD: -0.48% 🇳🇿NZD: -0.76% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/B4pOnICHKX
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.14% US 500: 0.05% Germany 30: -0.05% France 40: -0.29% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/2v1GGEyKQk
  • #Gold prices tested the 1475 level late last week. Buyers soon showed up and prices bounced into last week’s close and that push has so far held through this week’s open. Get your $gld market update from @JStanleyFX here:https://t.co/BxIZxt27Rc https://t.co/gLVZ4MAUvL
Bitcoin (BTC) Price Outlook: A New Rally Simmering or a Bull Trap?

Bitcoin (BTC) Price Outlook: A New Rally Simmering or a Bull Trap?

2019-04-03 10:30:00
Nick Cawley, Analyst
Share:

Bitcoin (BTC) Price Analysis, News and Chart:

  • Bitcoin (BTC) breakout spurs larger market advance.
  • Bitcoin Cash (BCH) ripping higher

DailyFX Bitcoin Landing Page – Prices, Charts, Analysis and Real-Time News

The cryptocurrency market dominated headlines Tuesday after sharp gains across the board with market heavyweight Bitcoin spiking nearly $1,000 higher in a few hours, before edging off its high. The rally took Bitcoin back to highs last seen in November and into a gap on the November 19 bear candle between $4,891 and $5,202. Today’s price action has seen yesterday’s high hold for now and just below the $5,000 level. The chart below highlights two important technical indicators with BTC currently above the important 200-day moving average at $4,645 while the CCI indicator shows Bitcoin in extreme overbought territory. If bitcoin moves and closes below the long-term moving average, a potential pull-back to $4,236, the breakout level, is likely on the cards. A clean break and close above $5,202 could bring old horizontal resistance levels all the way back to $6,000+ back into play.

A Guide to Day Trading Bitcoin & Other Cryptocurrencies.

Bitcoin (BTC) Daily Price Chart (September 2018 – April 3, 2019)

Bitcoin (BTC) Price Outlook: A New Rally Simmering or a Bull Trap?

Bitcoin Cash (BCH) Surges to a Fresh Multi-Month High.

Not to be outdone, Bitcoin Cash has surged by 40% in the last 24-hours according to data from Coinmarketcap and is back to levels last seen in mid-November 2018 when the coin forked.

Bitcoin (BTC) Price Outlook: A New Rally Simmering or a Bull Trap?

It should also be noted that stable coin Tether (USDT) has traded nearly eleven times its circulating supply/market cap in the last 24-hours. The last time Tether volume surged was in mid-December 2018 when markets traded at or near their recent lows.

The last few weeks has seen low volume and volatility in Bitcoin Cash (BCH) and as such any above normal buying interest, either outright or short-closing, will, and has, produced a sharp market reaction. The 200-day moving average has been breached today and further confirmation of a change in market sentiment will need to be qualified by a close above this level ($255) before looking at further upside. The CCI indicator again shows the coin in extreme overbought territory.

Bitcoin Cash (BCH) Daily Price Chart (September 2018 – April 3, 2019)

Bitcoin (BTC) Price Outlook: A New Rally Simmering or a Bull Trap?

IG Client Sentiment shows that retail traders are 78.4% net-long of Bitcoin, a bearish contrarian indicator. However, the recent daily and weekly positional changes give us a mixed trading bias.

--- Written by Nick Cawley, Market 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

News & Analysis at your fingertips.