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
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
  • Your psychology has a significant impact on the decisions you make, particularly if you are new to trading. How can you avoid your emotions from turning you into a #FOMO trader? Find out: https://t.co/FC7CHpk9vA #FOMOintrading https://t.co/WSDr3JkpAG
  • $AUDUSD: Short-term support could lead-in to a quick bounce up to resistance as taken from another prior support level, plotted around the .6830 level on the chart. Get your market update from @JStanleyFX here: https://t.co/tUoe1Roo5t https://t.co/omaDxGNhZU
  • Central bank independence has several advantages. Find out what they are in detail with @MartinSEssex here: https://t.co/wVFXbbTxf1 https://t.co/cQQmuH8biQ
  • The US Dollar remains in consolidation mode against the Philippine Peso and Indian Rupee. Will the Singapore Dollar weaken as $USDSGD rising support holds ahead? Find out from @ddubrovskyFX here: https://t.co/HZ8Loqj3Ey https://t.co/6PCFkdj3ka
  • Follow @DailyFXedu for your regular #webinar updates with @DailyFX analysts and catch up on the webinars you missed. https://t.co/Da10QUg9r1
  • Greed has proven to be a hindrance more than assistance for traders. How does greed lead to #FOMOintrading? Find out from @RichardSnowFX here: https://t.co/aT8TZjlFqP https://t.co/Le8Qx6OOwV
  • $GBPUSD at the moment break-even straddles = 152pips meaning that for option traders to realize gains, the spot price must see a move greater than 152pips. Get your market update from @JMcQueenFX here: https://t.co/odj2lLRrGf https://t.co/RXCBwHGluG
  • $EURGBP has fallen over 6% since August and is now rapidly approaching a critical support level not reached since May. Will a break below accelerate the aggressive selloff? Find out from @ZabelinDimitri here: https://t.co/CBM8Fg7vM0 https://t.co/0yDnEpzQqR
  • 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
Bitcoin Forecast: Price Range Constricts as BTC Awaits Breakout

Bitcoin Forecast: Price Range Constricts as BTC Awaits Breakout

2019-09-09 18:45:00
Peter Hanks, Junior Analyst
Share:

Bitcoin Price Outlook:

Bitcoin Forecast: Price Range Constricts as BTC Awaits Breakout

Bitcoin prices have slipped roughly -28% since the cryptocurrency surged in late June. Since topping out, the coin has posted a series of lower highs and higher lows. The consolidating price action has resulted in the formation of a bull-flag which – as its name suggests - is typically believed to be a bullish pattern.

Bitcoin Price Chart: Daily Time Frame (January – September)

bitcoin price chart, btcusd

Created in TradingView

That said, there are some lingering concerns for bitcoin. On the fundamental side, a commendable recovery from various emerging market currencies has worked to erode a key tailwind for the cryptocurrency. To that end, upcoming trade talks between the United States and China could look to threaten the boon – and bitcoin – further. Consequently, BTC traders should keep a watchful eye on the state of trade negotiations because a surprise improvement in relations could see the technical backdrop foiled in the presence of fundamentally bearish shock.

Evidently, bitcoin’s current landscape is precarious despite its seemingly bullish formation. Repeated tests of support and lower highs do not speak to bullish commitment and chart patterns do not always deliver on the signal they offer. With that in mind, traders should continue to watch the ascending trendline that has helped to keep price afloat since June. A confirmed break of this level would likely open the door lower, down to the 200-day moving average and the $7,093 level slightly lower.

On the other hand, if bulls can capitalize on the bullish formation, bitcoin could look to extend gains beyond the $11,526 mark which has offered moderate technical influence in the past. Prior swing highs from recent months will likely look to offer subsequent resistance before BTCUSD can test the 61.8% Fib at $13,507. As bitcoin becomes increasingly trapped between technical levels and traders await a break, follow @PeterHanksFX on Twitter for updates.

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

Contact and follow Peter on Twitter @PeterHanksFX

Read more:Gold Price Forecast: XAU/USD ETF Holdings Continue to Buoy Outlook

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

DISCLOSURES

News & Analysis at your fingertips.