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
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
Oil - US Crude
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
Wall Street
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
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
Bullish
USD/JPY
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
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.06%, while traders in US 500 are at opposite extremes with 71.21%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/m74wuZZKeH
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Silver: 0.42% Gold: -0.03% Oil - US Crude: -0.83% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/4cYiwWIL4E
  • What financial job opportunity in which location makes the cut for you? Find out! https://t.co/rrCpMM85Rt https://t.co/4rS0V6FiEm
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.33% 🇦🇺AUD: 0.20% 🇨🇦CAD: -0.00% 🇪🇺EUR: -0.02% 🇯🇵JPY: -0.03% 🇬🇧GBP: -0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/GOEvZ8H1yT
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: France 40: 0.33% Germany 30: 0.31% FTSE 100: 0.29% US 500: -0.23% Wall Street: -0.44% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/0oIElrc66l
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/afobcd9GRa https://t.co/bn3jPwlxks
  • Arizona virus cases rise 5.1% vs prior 4.7% 7-day average - BBG
  • The US Dollar is entering the third quarter with its safe haven status tested by rising COVID cases and trade pressures. What are the key USD catalysts in these opening weeks of July? Download the 3Q guide from @JohnKicklighter to find out here: https://t.co/z3dYpQYiJa https://t.co/Eh2Pd9YZq7
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.26% 🇦🇺AUD: 0.16% 🇪🇺EUR: 0.06% 🇯🇵JPY: 0.00% 🇬🇧GBP: -0.04% 🇨🇦CAD: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/xEQQA9wfDe
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: US 500: -0.37% Wall Street: -0.69% Germany 30: -0.84% France 40: -1.05% FTSE 100: -1.45% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/8qMWUcY2fh
Bitcoin Price Plummets $2,000 in Minutes After Failing at Resistance

Bitcoin Price Plummets $2,000 in Minutes After Failing at Resistance

2019-06-26 21:15:00
Peter Hanks, Analyst
Share:

Bitcoin Price Outlook:

Bitcoin Price Plummets $2,000 in Minutes After Failing at Resistance

Shortly after the close of the US markets, Bitcoin plummeted roughly $2,000 in just 10 minutes as the cryptocurrency fluctuated between two Fibonacci levels. As I warned yesterday, the meteoric rise in price is reminiscent of the crypto mania in late 2017 that saw violent price swings as the coin climbed to $20,000. To that end, current price action is displaying serious signs of mania, as Bitcoin looks to outlast the recent gold price surge.

Bitcoin Price Chart: 1 - Minute Time Frame (June 26) (Chart 1)

bitcoin price chart crash

The extreme price action has taken the Coinbase exchange offline, stalling orders in a day which experienced the highest trading volume through the exchange since November 20, 2018. Should the remaining orders process before the session ends, Wednesday trading volume could easily post the largest volume since February 6, 2018 when Bitcoin traded around $7,000. Still, the fear of missing out has caused retail traders to pour into the coin.

Bitcoin Price Plummets $2,000 in Minutes After Failing at Resistance

According to IG Client Sentiment Data, retail traders have only increased their exposure to the cryptocurrency despite the seemingly unsustainable climb. Retail trader data shows 72.1% of traders are net-long with the ratio of traders long to short at 2.58 to 1. The percentage of traders net-long is now its lowest since Feb 13 when Bitcoin traded near 3555.35. The number of traders net-long is 5.9% higher than yesterday and 28.2% higher from last week, while the number of traders net-short is 42.0% higher than yesterday and 64.0% higher from last week.

Bitcoin Price Chart: 1 - Hour Time Frame (June 2019) (Chart 2)

bitcoin price chart hourly crash coinbase

That said, traders hoping to ride the Bitcoin wave will look to negotiate the two Fib levels that resulted in today’s price action and will likely have to weather the resurgence of extreme volatility. For support, BTCUSD will enjoy the 50% Fib level around $11,500. The technical landmark stalled Wednesday’s plummet, which is an encouraging sign.

On the other hand, the 61.8% Fib at $13,500 is now the price to beat after it delivered a strong blow to bulls. Despite the precipitous 13% decline in the afternoon, Bitcoin is still on pace to close in the green after a quick rebound to $12,000. Across a broader timeframe, sentiment remains similarly intact with the coin boasting a 40% climb in June and a 210% gain in the year-to-date.

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

Contact and follow Peter on Twitter @PeterHanksFX

Read more:Stock Market Forecast: Nike Earnings to Influence Dow Jones Index

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

DISCLOSURES

News & Analysis at your fingertips.