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
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
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
Gold
Bearish
Oil - US Crude
Bearish
Bitcoin
Mixed
More View more
Real Time News
  • RT @jsblokland: So what's up with #payrolls? #ADP payroll number just +67K, lowest number since May. Nonfarm payrolls up a whopping 266K, h…
  • RT @ericbeebo: This payrolls print was so strong it dragged up the 3-mth average private payrolls by a full 30k to 200k https://t.co/xCAwNo…
  • US Dollar Soars as Firm Jobs Report Underscores Less Dovish Fed https://www.dailyfx.com/forex/market_alert/2019/12/06/usd-price-us-dollar-outlook-jobs-report-nfp-nonfarm-payrolls.html $USD $DXY #Forex #Trading #Analysis #FOMC #NFP
  • what a rip in $USDCAD https://t.co/5nd5aU0pmP
  • Christ!!! Double whammy for $CAD - Strong NFP + Shockingly Weak Canadian Employment report - CAD unemployment rises 0.4ppts even with the participation rate dropping - What did BoC's Lane say about not considering insurance rate cuts? ..... Time to rethink that
  • $USD springboard on this #NFP print - right back up to 97.70 zone. Still early but can it hold? https://t.co/ViLiiym6vt
  • US Non-Farm Payrolls print at 266K vs exp 180K - Previously 156K #Unemployment drops to 3.5% #NFP
  • Important charting techniques and examples...worth going along to and bring your questions... 📊📈📉🤚✍️ @DailyFX https://t.co/qfAjvlyskr
  • Join @malkudsi 's #webinar at 9:00 AM ET/2:00 PM GMT as he discusses the most famous directional and momentum indicators. Register here: https://t.co/7XCMLsqXZO https://t.co/ZYZhgg7ipe
  • How can traders avoid #FOMO in trading? Start by implementing a well-heeled plan taking only four hours per week. Get your insight from @JStanleyFX here: https://t.co/vwUShQPc27 #tradingstyle https://t.co/8rFbHSB1hD
Bitcoin (BTC) Price - Bullish Momentum Slows, Support Strengthens

Bitcoin (BTC) Price - Bullish Momentum Slows, Support Strengthens

2019-06-12 11:00:00
Nick Cawley, Analyst
Share:

Bitcoin (BTC) Price Outlook, Chart and Analysis:

  • Bitcoin rally currently capped but higher prices cannot be discounted.
  • Supportive technical should fuel the next move higher.

IG Client Sentiment Datashow how retail are positioned in a variety of cryptocurrencies. See how daily and weekly positioning can affect our trading bias. Bitcoin (BTC) trade data shows 79.9% of traders are net-long, a strong contrarian bearish signal. However, recent daily and weekly changes in sentiment suggest a stronger bearish trading bias.

A Guide to Day Trading Bitcoin and Other Cryptocurrencies.

Bitcoin (BTC) Bulls Trapped in a Short-Term Holding Pattern

The largest cryptocurrency by market capitalization ($141.5 billion - 55.3%) trades just under $8,000 after having rallied more than 150% since the turn of the year. The longer-term bulls move was confirmed on April 2 when the cash price pierced the 200-day moving average and was strengthened when both the 20- and 50-day moving averages rose above the longer-term ma on April 12 and April 24. Higher volumes since the start of April aided the move higher.

Bitcoin now looks likely to make a fresh attempt at a new 13-month high ($9,080) and is building support around, and just above, $7,450 ahead of the next move. This support needs to hold on the daily chart. The CCI indicator shows Bitcoin bouncing off oversold territory suggesting that bullish momentum is holding.

To the upside, the first level of resistance is at $8,140, followed by old lower highs either side of $8,500 before the 13-month high at $9,080 comes into view. A break and sustained close above here suggests a new attempt at $10,000 before $11,600 to $11,970 come into play in the longer-term.

Bitcoin (BTC) Daily Price Chart (September 2018 – June 12, 2019)

Bitcoin (BTC) Price - Bullish Momentum Slows, Support Strengthens

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 (BTC) – 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

News & Analysis at your fingertips.