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
GBP/USD
Mixed
USD/JPY
Bullish
Gold
Bullish
Oil - US Crude
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
Bitcoin
Bearish
More View more
Real Time News
  • #Silver is a precious metal commodity that investors use as an inflation hedge and safe-haven asset. Find out what are some strategies and tips to trade silver here: https://t.co/f67gnRUGoo #CommoditieswithDailyFX https://t.co/Blj2PaJZVz
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.03%, while traders in US 500 are at opposite extremes with 76.58%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/YBa3o6HUml
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Gold: 0.25% Silver: 0.20% Oil - US Crude: -0.57% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/k4lIb74AX4
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.13% 🇬🇧GBP: 0.10% 🇨🇭CHF: 0.03% 🇨🇦CAD: -0.02% 🇳🇿NZD: -0.11% 🇦🇺AUD: -0.24% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/SEL9ZfqXwT
  • RT @BChappatta: *KUDLOW: UNRESOLVED ISSUES IN PHASE 1 COULD SPILL INTO PHASE 2 this is farce
  • Why financial market traders must monitor both monetary and fiscal policy?Find out from @MartinSEssex here: https://t.co/Fkzk88Y5gm https://t.co/chL9NmEE6T
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Wall Street: -0.13% US 500: -0.20% Germany 30: -0.55% France 40: -0.62% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/68ZM5scRYu
  • German Finance Minister on Brexit Extension- Pushing Back the Data by Two or Three Weeks to Allow Ratification Will Rather Not Be a Problem- Reuters
  • Get trading education and join our analysts for live coverage of all major economic data at the DailyFX Webinars. https://www.dailyfx.com/webinars?re-author=Cottle?utm_source=Twitter&utm_medium=Cottle&utm_campaign=twr
  • The $JPY is overwhelmingly in the grip of fundamental and macro action, but $USDJPY charts show the pair in a fascinating spot. Get your market update from @DavidCottleFX here:https://t.co/nD8RuyzvGG https://t.co/aIKgiiuv0v
Bitcoin (BTC) Sell-Off Doesn't Change the Long-Term Picture Yet

Bitcoin (BTC) Sell-Off Doesn't Change the Long-Term Picture Yet

2019-07-18 10:30:00
Nick Cawley, Analyst
Share:

Bitcoin (BTC) Price Outlook, Chart and Analysis:

  • Bitcoin needs to consolidate before the next push higher.
  • The market remains oversold.

IG Client Sentiment Datashows 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 80.1% of traders are net-long, a strong contrarian bearish signal. However, recent daily and weekly changes in sentiment give us a mixed Bitcoin trading bias.

A Guide to Day Trading Bitcoin and Other Cryptocurrencies.

A sea of green in the cryptocurrency market Thursday with some alt-coins showing double-digit gains over the last 24 hours, erasing in part some of this week’s heavy losses. The sell-off, prompted in part by stories of a ‘fat Tether finger’ and the grilling US lawmakers gave Facebook executives over their proposed stable coin Libra, saw BTC lose $2,000 in one day, stopping just above $9,000.

Bitcoin (BTC) Sell-Off Doesn't Change the Long-Term Picture Yet

A look at the daily BTC chart shows initial support around $9,080 held firm in the face of the sell-off, providing a springboard for the latest move higher. While this level, and the psychological $9,000 level just below may hold, stronger support is seen lower down around $8,400 before much stronger support from a cluster of recent lows around $7,500 come into play.

To the upside, Tuesday’s bear candle provides scope for a move back to $10,000 and then through a cluster of recent lows all the way back to $11,00. The CCI indicator continues to show that Bitcoin is oversold, and this may underpin any move higher in the coming days.

Bitcoin (BTC) Daily Price Chart (January – July 18, 2019)

Bitcoin (BTC) Sell-Off Doesn't Change the Long-Term Picture Yet

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.