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
Oil - US Crude
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
More View more
Real Time News
  • The ECB rate decision is a top fundamental event risk later today. It is unlikely that they add on top of September's flood, but path of least resistance is sticking to range and retail traders are heavy bears: https://t.co/GCyvs6nYth
  • South Korea Q3 GDP shows 0.4% growth print Q/Q, missing 0.3% estimate - BBG #USDKRW
  • #Gold: Buyers have remained at bay, even with the $USD sell-off, as a bull flag formation has built around a 23.6% retracement of that recent major move.Get your $gld market update from @JStanleyFX here: https://t.co/tkY4716pfC https://t.co/mik1bjz3Fo
  • #BRL, #COP and the #CLP are expected to be the most active Latin American currencies vs USD with 1-week implied volatilities at 13.55, 10.30 and 10.06 respectively
  • RT @LiveSquawk: News Recap - - Some BOJ Policy Makers Want to Save Ammunition - WSJ https://t.co/zweqHl37Ij
  • Australia’s CBA Australia PMI Composite (OCT P) Actual: 50.7 Est: N/A Previous: 52.0 CBA Australia PMI Mfg (OCT P) Actual: 50.1 Est: N/A Previous: 50.3 CBA Australia PMI Services (OCT P) Actual: 50.8 Est: N/A Previous: 52.4 #AUD
  • With Tesla up nearly 20% in after-hours trading, the company has seen its market cap balloon by roughly $9b from $45.5b to $54.4b Pretty incredible short squeeze if you ask me $TSLA
  • Tomorrow holds a few high profile fundamental updates: ECB decision (mon pol) and PMIs (recession fear). But, this pales in comparison to the densely packed run of key events for next week (US and EZ GDP, FOMC decision, BOJ forecasts, Chinese industrial profits; sentiment surveys
  • Heads Up:🇦🇺 AUD CBA Australia PMI Composite (OCT P) due at 22:00 GMT (15min), Actual: N/A Expected: N/A Previous: 52.0 https://www.dailyfx.com/economic-calendar#2019-10-23
  • Heads Up:🇦🇺 AUD CBA Australia PMI Services (OCT P) due at 22:00 GMT (15min), Actual: N/A Expected: N/A Previous: 52.4 https://www.dailyfx.com/economic-calendar#2019-10-23
Bitcoin (BTC) Price: Rally Fizzles as Bearish 'Death Cross' Begins to Form

Bitcoin (BTC) Price: Rally Fizzles as Bearish 'Death Cross' Begins to Form

2019-10-08 09:57:00
Nick Cawley, Analyst

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

  • Latest rally fades as BTC moves out of oversold territory.
  • 20- and 200-day crossover nears, fueling bearish momentum.

A Guide to Day Trading Bitcoin and Other Cryptocurrencies

Bitcoin (BTC) Sell-Off May Continue, Charts Warn

Monday’s cryptocurrency mini-rally looks to have run its course with the 200-day moving average capping any upside breakout. Bitcoin has traded below the longer-dated ma for nearly two weeks and needs a driver to break and close above this important technical indicator. In addition, the 20-day ma is looking set to break below the 200-dma, highlighting the current negative sentiment.

If we look at the 50-day moving average - the blue line on the chart – we can see that this is now approaching the 200-dma, warning of a potential ‘death cross’. Back on April 24 this year, the 50-dma broke above the 200-dma, producing a bullish ‘golden cross’. Bitcoin rallied hard from this cross-over, moving from around $5,000 to this year’s high of $13,862. The two moving averages are now at their narrowest gap in around five months and continue to close on each other. If the 50-dma goes below the 200-dma, a ‘death cross’, this usually signals a further, potentially sharp, sell-off. While this cross-over may still take weeks to form, the daily Bitcoin chart is looking more ominous.

Short-term Bitcoin resistance is pegged off the October 1 high at $8,530 before a gap on the September 24 sell-off candle between $8,810 and $9,610. Initial support between $7,700 and $7.770 before a double low seen in early June at $7,450.

Bitcoin Daily Price Chart (February – October 8, 2019)

Bitcoin (BTC) Price: Rally Fizzles as Bearish 'Death Cross' Begins to Form

IG Client Sentiment data show that 82% of retail traders are net-long Bitcoin (BTC), a bearish contrarian indicator.

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.


News & Analysis at your fingertips.