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
EUR/USD
Mixed
Oil - US Crude
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
Wall Street
Mixed
Gold
Mixed
GBP/USD
Bullish
USD/JPY
Bullish
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.37%, while traders in NZD/USD are at opposite extremes with 73.40%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/104D8ytLwb
  • BNP Paribas sees Brent crude oil averaging $44/bbl in 2020 and $59/bbl in 2021
  • Japanese candlesticks are a popular charting technique used by many traders, and the shooting star candle is no exception. Learn about the shooting star candlestick and how to trade it here: https://t.co/OjTZOQEytM https://t.co/1TOiApxfjp
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Gold: -0.44% Oil - US Crude: -1.23% Silver: -1.39% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/mBBDXIGnyn
  • US is considering curbing special exemptions for Chinese firms, according to Politico
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: -0.06% 🇨🇭CHF: -0.22% 🇨🇦CAD: -0.23% 🇯🇵JPY: -0.29% 🇳🇿NZD: -0.39% 🇦🇺AUD: -0.58% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/rst0kqdDrJ
  • Coming up at half past the hour. Please join me if you can... https://t.co/R2GcBc8KXS
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: US 500: -0.79% Wall Street: -1.00% France 40: -1.13% FTSE 100: -1.35% Germany 30: -1.52% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/u3dcuMGQBh
  • Since mid-June USD/CAD has consolidated in a well-defined zone. Will today’s Fed members speeches (14:00- 18:00 and 19:00 UK) push the pair in a clear direction? #USDCAD, #USD, #Fed https://t.co/SxjnwNupP2
  • Join @MartinSEssex 's #webinar at 6:30 AM ET/10:30 AM GMT to learn more about trading #sentiment Register here: https://t.co/XUUPRdY06p https://t.co/KsjQit31hK
Bitcoin Price Probes $11,000 as Crypto Bulls Extend Their Run

Bitcoin Price Probes $11,000 as Crypto Bulls Extend Their Run

2019-06-24 20:10:00
Peter Hanks, Analyst
Share:

Bitcoin Price Outlook:

  • BTCUSD briefly surged above $11,000 as buyers look to continue the string of gains the coin has enjoyed in 2019
  • To that end, Bitcoin boasts a return of roughly 185% in the year-to-date
  • Interestingly, retail traders have increased their long-positioning following the price surge

Bitcoin Price Probes $11,000 as Crypto Bulls Extend Their Run

After jumping nearly $750 on Friday, Bitcoin topped the psychological $10,000 mark for the first time since March 8, 2018. The move extends the coin’s incredible run in the year-to-date, with BTCUSD boasting a gain of roughly 185% in 2019. On Friday, I cautioned that weekend trading conditions would result in lower volume and therefore more drastic price swings, but hindsight reveals the move was etched amid healthy volume – adding credence to the move. That said, the coin may need to consolidate before bulls look to further its drive higher.

Bitcoin Price Chart: 1 – Hour Time Frame (May 16 – June 24) (Chart 1)

bitcoin price chart rally

To that end, BTCUSD can now look to $10,000 as psychological support coupled with the nearby Fib levels at $9,545 and $10,010. Secondarily, an ascending trendline from mid-May could potentially join the fray if the two Fib levels prove insufficient. To the topside, Bitcoin will run into resistance around $11,550 – a level marked by the swing highs from February and March 2018.

Bitcoin Price Chart: Daily Time Frame (May 16 – June 24) (Chart 2)

bitcoin price chart rally

Despite the soaring price, retail traders are confident the Bitcoin rally will continue.Retail trader data shows 79.3% of traders are net-long with the ratio of traders long to short at 3.83 to 1. The number of traders net-long is 11.9% higher than yesterday and 17.8% higher from last week, while the number of traders net-short is 13.2% higher than yesterday and 1.3% lower from last week. Since, we typically take a contrarian view to crowd sentiment at DailyFX, retail trader positioning would suggest the price of Bitcoin may fall.

bitcoin price chart rally trader sentiment

Similarly, the recent pace at which Bitcoin has climbed is reminiscent of its meteoric rise in late 2017 – and the similarities are not lost on investors and market pundits. With that in mind, consolidation would be prudent and could instill renewed investor confidence. Still, deteriorating emerging market currencies and the widespread media coverage of the cryptocurrency market with the arrival of Facebook’s Libra may continue to provide a tailwind for Bitcoin and other cryptocurrencies. Follow @PeterHanksFX on Twitter for more updates on BTCUSD and the cryptocurrency sphere.

--Written by Peter Hanks, Junior Analyst for DailyFX.com

Contact and follow Peter on Twitter @PeterHanksFX

Read more:AUDUSD & Nasdaq 100 Price Outlook: Huawei Offers Opportunity

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

DISCLOSURES

News & Analysis at your fingertips.