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
Bearish
Gold
Mixed
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Real Time News
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.34% 🇨🇭CHF: 0.17% 🇪🇺EUR: -0.05% 🇨🇦CAD: -0.35% 🇦🇺AUD: -0.95% 🇳🇿NZD: -0.96% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/33EP1DeeuH
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Gold: 0.69% Silver: -0.10% Oil - US Crude: -0.74% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/J4wTEmtAXA
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.56%, while traders in US 500 are at opposite extremes with 67.46%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/XboitD6oGi
  • The $AUD came into the New Year clinging to a very visible bullish trend. While the currency had a rather rough first nine months of last year. Get your AUD/USD technical analysis from @JStanleyFX here: https://t.co/HrLlgqvibu https://t.co/efoZc6VjGC
  • The US #StockMarket is on pace to close markedly lower to start the week with less than 30-minutes left in today's #trading session as #Coronavirus fears roil Wall Street S&P 500: -1.46% Dow Jones: -1.45% Nasdaq: -1.80% Russell 2K: -0.73% VIX: +22.25% $SPX $DJI $NDX $RUT $VIX
  • #Bitcoin Daily Pivot Points: S3: 7768.5 S2: 8055.53 S1: 8177.32 P: 8342.56 R1: 8464.35 R2: 8629.59 R3: 8916.62
  • The #Dow Jones remains elevated as tech and defensive sectors underpin the index. However, we see caution in chasing the market higher amid rising risks of a potential correction. Get your market update from @JMcQueenFX here:https://t.co/3klcZ6CHpe https://t.co/3xvxNNWb2O
  • RT @MarketWatch: Economic hit from coronavirus likely to be short lived, but it’s still ‘a little scary, frankly’ https://t.co/NyB3DCRpGS
  • Know the Slope. . . $SPX500 Daily - https://t.co/FoBtqk9CYA https://t.co/nkmzVkx5p6
  • $EURUSD Daily Pivot Points: S3: 1.095 S2: 1.0993 S1: 1.1009 P: 1.1035 R1: 1.1051 R2: 1.1078 R3: 1.112
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.