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. See our updated Privacy Policy here.

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
Bearish
Oil - US Crude
Bullish
Wall Street
Bearish
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
Bearish
GBP/USD
Bearish
USD/JPY
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
More View more
Real Time News
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/zPzJAxBJxt
  • Emotions are often a key driving force behind FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here: https://t.co/eILWbFgHRE https://t.co/uf6KEYTes5
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here: https://t.co/reRmDe1Ksp https://t.co/gRjdVfbg66
  • Implementing a trading checklist is a vital part of the trading process because it helps traders to stay disciplined, stick to the trading plan, and builds confidence. Learn how to stick to the plan, stay disciplined, and use a checklist here: https://t.co/SQUCCYRCIk https://t.co/mLLGqYUygY
  • Use this technical analysis pattern recognition skills test to sharpen your knowledge: https://t.co/Qgz89PTxnu https://t.co/HUYJzEkYiT
  • #Gold prices put in a major breakout last month and, so far, buyers have held the line. But a really big Fed meeting is on the calendar for this week. Can Gold bulls hold? Get your market update from @JStanleyFX here: https://t.co/NGRTSfceOW https://t.co/QkSUORIQE2
  • Struggling to define key levels? Floor-Trader Pivots assist traders in identifying areas in a chart where price is likely to approach and can be used to set appropriate targets, while effectively managing risk. Learn how to use this indicator here: https://t.co/Ye4m1FMKUW https://t.co/PHK2sqB1jV
  • Top event risk for more than just the Dow and Dollar this week is the Wednesday #FOMC rate decision. What the markets expect sets the tone for how the event impacts price action. My run down of the week and Fed decision: https://www.dailyfx.com/forex/video/daily_news_report/2021/06/12/Dollar-and-SP-500-Breaks-Must-Abide-the-FOMC-Decision-This-Week.html https://t.co/Huvth4f706
  • 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/AkE7bFRWAt
  • $GBPUSD continues to trade in ranges as volatility dwindles. UK data to play second fiddle to FOMC. Get your market update from @JMcQueenFX here: https://t.co/T0Eg4KaENB https://t.co/GMmZa5L0Il
Bitcoin (BTC): Bullish Price Action May Breach $6,000 or More

Bitcoin (BTC): Bullish Price Action May Breach $6,000 or More

Nick Cawley, Strategist

Bitcoin (BTC) Price Analysis and Chart:

  • Technical analysis looks positive.
  • Rally may see $6,111 as first target.

A Guide to Day Trading Bitcoin and Other Cryptocurrencies.

Bitcoin’s 20%+ surge last Tuesday to a fresh four-and-a-half month high has bought the largest cryptocurrency back into market view and further price gains could be on the cards as the technical chart flashes a variety of potentially bullish signals and alerts. While Bitcoin is known as a risky asset where noise and rumor have an out-sized affect on price action, technical analysis still holds sway.

A look at the chart below shows two, potentially three, important technical set-ups that suggest the recent rally is far from over. The latest surge last week has formed a bull pennant with a top-side breakout expected to see the price breaking above $6,000, when using the pennant’s pole as a price guide.

Below the bull flag a potential Golden Cross is forming due to last week’s sharp upturn. This technical formation is seen by many as a bullish signal as short-term positive momentum begins to control the market. The cross has not formed yet but should be closely watched as it will generate headlines and momentum in the short-term.

The chart also shows that the recent trend of lower highs was broken in late February and the move confirmed by last week’s price action. In addition, there remains a gap on the November 14 candle between $5,660 and $6,111 that looks likely to be filled, taking us back to levels last seen in October last year.

The CCI indicator at the bottom of the graph warns that Bitcoin is still overbought but is lower than its extreme levels seen last week.

Bitcoin Daily Price Chart (August 2018 – April 10, 2019)

Bitcoin (BTC): Bullish Price Action May Breach $6,000 or More

Trading volume has also picked up in the last week and is running at around twice the normal turnover levels seen in the last few months, another bullish signal.

Bitcoin Volume (March 12 – April 10, 2019)

Bitcoin (BTC): Bullish Price Action May Breach $6,000 or More

Bitcoin Landing Page – Everything You Need on One Page.

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on Bitcoin – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.

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

DISCLOSURES