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
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
GBP/USD
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
USD/JPY
Mixed
Gold
Mixed
Oil - US Crude
Mixed
Bitcoin
Mixed
More View more
Notice

DailyFX PLUS Content Now Available Freely to all DailyFX Users

Real Time News
  • The #Euro is struggling for direction against the US Dollar but the near-term downtrend guiding it lower since late June remains firmly intact. Where is $EURUSD heading? Get your technical analysis from @IlyaSpivak here: https://t.co/us6AINmuoe https://t.co/J4hQtyprYf
  • $DXY & $SPX500 hold steady after #FED rate cut. Get your update from @JohnKicklighter here: https://t.co/vqXlKCMDYA
  • Dow Jones & Dax 30 levels to watch ahead of the fed from @PeterHanksFX here: https://t.co/iUIrsygKz2
  • The politics of the US and UK may be starkly divided but their grip on the vast, $6.6 trillion global foreign exchange trade seems as tight as ever. Get your market update from @DavidCottleFX here:https://t.co/xTKHOvrIqg https://t.co/vtHhdnF82Q
  • How can confidence in trading help with avoiding #FOMOintrading? Find out from @WVenketas here: https://t.co/MY7j9ISn4S https://t.co/n7XwfiDZz2
  • The week saw a slightly more dovish than expected RBA minutes increase the importance of the latest labour market report, which showed an uptick in the unemployment rate to 5.3%. Where is $AUDUSD heading? Find out from @JMcQueenFX here: https://t.co/odj2lLRrGf https://t.co/gmGjlGBvjv
  • #OOTT https://t.co/TLgP7dUqFv
  • #Silver’s recent bull run may have run its course in the short-term with the sharp sell-off from the September 4 high print at $19.66/oz.Where is Silver heading? Get your market update from @nickcawley1 here: https://t.co/oVAZ4wPR7z https://t.co/1LvLXmqnwx
  • RT @Frances_Coppola: NY Fed thinks reserve hoarding by a small number of banks caused the repo tantrum. Question is, why are they hoarding…
  • Gold Prices Weekly Technical Forecast, Finding Upside Commitment? #GoldPrice #XAUUSD #Gold - https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2019/09/20/Gold-Prices-Weekly-Technical-Forecast-Finding-Upside-Commitment.html?utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/CgaaEzb2li
Bitcoin Price Outlook: Crypto Aims Higher After Consolidation

Bitcoin Price Outlook: Crypto Aims Higher After Consolidation

2019-07-09 17:05:00
Peter Hanks, Junior Analyst
Share:

Bitcoin Price Outlook:

Bitcoin Price Outlook: Crypto Aims Higher After Consolidation

After slipping beneath $10,000 last week, Bitcoin has staged a relief effort – recapturing key psychological and technical levels alike. In my prior crypto piece, I argued Bitcoin was due for a period of consolidation which would strengthen the longer-term technical picture. Since then, BTCUSD has climbed to $12,500 and it appears the saying “the trend is your friend” rings true for the time being. After testing the technical clout of various levels, BTC bulls may be more confident moving forward.

Bitcoin Price Chart: 4 - Hour Time Frame (May - July) (Chart 1)

bitcoin price chart outlook

To that end, the 38.2% Fib around $9,545 has established itself as an important level moving forward and can be looked to for support if cryptocurrency volatility arises in earnest. Nearby, the ascending trendline from May remains intact which is critical for longer-term trend continuation purposes.

Bitcoin Price Chart: Daily Time Frame (January – July) (Chart 2)

bitcoin BTCUSD price chart outlook btc

To the topside, the 61.8% Fibonacci level at $13,500 poses formidable resistance and was largely responsible for Bitcoin’s $2,000 plummet in just 10 minutes. That said, topside targets should be limited until this level is surmounted. $13,000 is another area worthy of mention - marking the swing high in January 2018 and a daily close in late June 2019 - but lacks the strength of the subsequent 61.8% mark. For commentary on Bitcoin and other cryptocurrencies, follow @PeterHanksFX on Twitter.

Facebook’s Libra Mired in Regulatory Hurdles

While Bitcoin is attempting to post fresh yearly highs, Facebook’s prospective cryptocurrency – Libra – has run into widespread scrutiny. European Central Bank board member Benoit Coeure recently stated, “it’s out of the question to allow them to develop in a regulatory void for their financial service activities, because it’s just too dangerous.” The social media giant faced similar commentary from German and French finance ministers.

In the United States, Maxine Waters, Chairwoman of the House Financial Services Committee, officially requested Facebook to stop the development of Libra and the corresponding digital wallet until Congress and regulators investigate both products. The Senate Banking Committee is scheduled to hold a hearing regarding Libra on July 16 and according to MarketWatch, the House Financial Services Committee plans to hold a hearing on July 17.

The consequences for the rest of the cryptocurrency world due to Libra’s struggles are debated. While some argue Libra will sap market capitalization from Bitcoin and other leading digital assets, others suggest the willingness of major corporations to adopt cryptocurrency is encouraging for the longer-term picture of the space. Either way, increased cryptocurrency publicity may draw new entrants into the digital asset sphere.

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

Contact and follow Peter on Twitter @PeterHanksFX

Read more:Nasdaq 100 Outlook: Gaps Lurk Below, Pepsi (PEP) Earnings on Tap

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

DISCLOSURES

News & Analysis at your fingertips.