News & Analysis at your fingertips.

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
Bearish
Wall Street
Bearish
Gold
Bullish
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • Next week, Thursday will offer up the US 3Q GDP, ECB rate decision and a run of FAANG earnings (Facebook, Amazon, Apple, Google) and BOJ rate decision
  • The British Pound may fall if EU and UK negotiators fail to reach a consensus as the December 31 deadline nears. The third presidential debate is on deck, how might markets react? Find out from @ZabelinDimitri here:https://t.co/kDSYzBDA3t https://t.co/Vebt5lNvym
  • “National security officials on Wednesday announced that Iran and Russia have obtained swaths of voter registration information that could support their efforts to interfere in the 2020 presidential election” - Politico
  • Market Snapshot #SP500 and #ASX200 futures sliding lower after the US government stated that Iran and Russia have been attempting to interfere in the #USPresidentialElections2020 The risk-sensitive $AUDUSD losing ground while the 'safe haven' $JPY and $USD gain ground https://t.co/M0FUCc2vjx
  • 🇯🇵 Foreign Bond Investment (17/OCT) Actual: ¥419.8B Previous: ¥1946.5B https://www.dailyfx.com/economic-calendar#2020-10-21
  • FBI to make an announcement on a ‘major election security’ issue shortly - CNBC
  • US Director Of National Intelligence Radcliffe: Identified Russia, Iran Have Taken Action To Interfere With Election
  • Heads Up:🇯🇵 Foreign Bond Investment (17/OCT) due at 23:50 GMT (15min) Previous: ¥1946.5B https://www.dailyfx.com/economic-calendar#2020-10-21
  • The Dow Jones, S&P 500 and AUD/USD could be at risk of extending losses as retail investors increase upside exposure. What are key technical levels to watch for? Find out from @ddubrovskyFX here:https://t.co/ivQmFUTGdU https://t.co/cj1h8T0c8n
  • An average of US 10Y and 30Y Treasury yields has hit its highest since early June, taking out the ceiling established in late August Confidence in a fiscal package seems to be being relayed in bonds for the time being Meanwhile the anti-risk #USD took another hit over past 24hr https://t.co/v57YghhBcM
Bitcoin Price Forecast: Trendline Under Fire as BTC Breaks $10,000

Bitcoin Price Forecast: Trendline Under Fire as BTC Breaks $10,000

2019-08-15 18:00:00
Peter Hanks, Analyst
Share:

Bitcoin Price Forecast:

Bitcoin Price Forecast: Trendline Under Fire as BTC Breaks $10,000

Bitcoin pierced $10,000 for the first time in two weeks as bullish bets unwind and a key fundamental tailwind weakens. As previously mentioned, Bitcoin has enjoyed a boost from weakened emerging market currencies like USDCNH and the Argentine Peso. Now that the US-China trade war has leveled off, and EM FX has regained its footing, technical levels look to be the sole factor keeping Bitcoin prices afloat.

Bitcoin Price Chart: Daily Time Frame (May – August) (Chart 1)

bitcoin price chart

Chart created with TradingView

To that end, a key technical level is under fire Thursday as bears look to pressure the digital asset beneath its rising trend from May. The line has helped to buoy BTC throughout July and August. Falling under considerable pressure, BTC bulls looked to a subsequent zone of support at the 38.2% Fibonacci retracement around $9,545 for assistance. Together, the two levels have stalled further declines at present, but continued tests may spur a break beneath which would likely open the door for a more concerted move lower.

An extended move lower could see Bitcoin’s price fall as low as $7,100 near the 23.6% Fib level which shares convenient proximity to the coin’s 200-day moving average. While Bitcoin’s decline has been abrupt, RSI on the daily chart has not yet dipped into oversold territory which could allow for further losses.

Bitcoin Price Chart: 4 – Hour Time Frame (May – August) (Chart 2)

btcusd price chart

Chart created with TradingView

While Bitcoin wades in oversold territory on the 4-hour chart, it also resides beneath the 200-day moving average which will look to resist a rebound higher. As the cryptocurrency runs out of room within the rising wedge, a break below seems most likely at this point – compounded by the fact that a confluence of support has been required to keep price afloat.

As I mentioned on Tuesday, BTCUSD may continue to fall further unless there is another escalation in the US-China trade war, or another exceedingly weak emerging market currency. Nevertheless, the declines pale in comparison to the coin’s return in the year-to-date which is a whopping 172%. As Bitcoin threatens a breakdown, follow @PeterHanksFX on Twitter for fundamental and technical analysis.

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

Contact and follow Peter on Twitter @PeterHanksFX

Read more:Nasdaq 100 Forecast: Index Looks to NVDA Earnings, Key Support

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

DISCLOSURES