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
Mixed
Oil - US Crude
Mixed
Bitcoin
Mixed
More View more
Real Time News
  • Join @DailyFX and @IG_US for an exclusive evening of in-depth analysis with the legendary technical investor John Bollinger @bbands, on October 28th in Chicago. Book your free seat today! https://t.co/bchL1GrTg4 https://t.co/o0LAgWAjzX
  • USD/JPY & EUR/JPY Confront Critical Resistance Levels - JPY Price Outlook More details in the link below: https://www.dailyfx.com/forex/technical/home/analysis/eur-jpy/2019/10/14/USDJPY-EURJPY-Confront-Critical-Resistance-Levels--JPY-Price-Outlook-MK.html?CHID=9&QPID=917714 https://t.co/FxVwTimbka
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Silver: 0.22% Gold: 0.10% Oil - US Crude: -2.77% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/0G5nJA9qtX
  • RT @IMFNews: Join us tomorrow, October 15 at 9:00am EDT for the release of the latest World Economic Outlook by IMF Chief Economist Gita Go…
  • Gold Price Outlook: Gold Prices Bounce, Can Bulls Continue to Push? https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2019/10/14/gold-price-outlook-gold-prices-bounce-can-bulls-continue-to-push-js53-gold-price.html $Gold https://t.co/lkhwJiWyFg
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.64%, while traders in France 40 are at opposite extremes with 79.58%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/3fnicdJA3K
  • China-US trade talks made breakthrough last week with both sides showing a strong will to reach a final deal - Global Times
  • RT @HuXijin_GT: Based on what I know, China-US trade talks made breakthrough last week and the two sides have the strong will to reach a fi…
  • If a #Brexit deal is reached, Sterling will rally further, while in the equity space, the domestically-focused FTSE 250 should outperform the export-focused #FTSE 100. Get your market update from @nickcawley1 here: https://t.co/nfgon4la8s https://t.co/IEBfQ1wYx9
  • Indices Update: As of 13:00, these are your best and worst performers based on the London trading schedule: US 500: -0.13% Wall Street: -0.21% Germany 30: -0.32% France 40: -0.51% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/Kh9F9IPP6d
Bitcoin Price Battles Trend Resistance, Ethereum Continues to Outperform

Bitcoin Price Battles Trend Resistance, Ethereum Continues to Outperform

2019-09-19 11:00:00
Nick Cawley, Analyst
Share:

Bitcoin (BTC) News, Price, Chart and Analysis:

  • Sellers take control.
  • Support and resistance levels converge.

A Guide to Day Trading Bitcoin and Other Cryptocurrencies

Bitcoin remains trapped in a descending triangle pattern and is currently moving towards support after rejecting trend resistance in the past few trading sessions. Today’s sell-off is the largest move in the last two-weeks and suggests that sellers are back in control. The first level of support is situated just below $9,500 before $9,325 comes into play. If BTC breaks and closes below here, there is a chance that it may retrace all the way back to the early June lows between $7,460 and $7,510. If BTC breaks and closes above trend resistance, then $11,000 comes back into play.

A descending triangle normally points to lower prices as buyer’s enthusiasm wanes, but a break higher cannot be ruled out if support continues to hold. It is likely that any break, higher or lower, will be sharp and price action volatile.

Bitcoin Price Outlook – Preparing a Move or Death by a Thousand Cuts?

Bitcoin Daily Price Chart (February – September 19, 2019)

Bitcoin Price Battles Trend Resistance, Ethereum Continues to Outperform

IG Client Sentiment data show that 80% of retail traders are net-long Bitcoin (BTC), a bearish contrarian indicator.

Ethereum Outperforms Bitcoin

The Ethereum (ETH) versus Bitcoin (BTC) spread has rallied in the last two weeks with ETH outperforming BTC strongly. The spread traded around 160 on September 6 and is currently just below yesterday’s six-week high at 213. If ETH continues to outperform BTC, the next level of resistance for the spread is just under 225. The long-term downtrend remains in place until 225 is broken and closed above. Traders should note that the CCI indicator is also in overbought territory.

Ethereum/Bitcoin Spread (January – September 19, 2019)

Bitcoin Price Battles Trend Resistance, Ethereum Continues to Outperform

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 and Ethereum – 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.