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
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
Gold
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
Bitcoin
Mixed
More View more
Real Time News
  • Join Analyst @ddubrovskyFX for LIVE coverage of Australian CPI data where he will be discussing the outlook for the Australian Dollar beginning at 00:15 GMT on Wednesday the 29th below! $AUDUSD #AUDJPY $AUDNZD $AUDCAD - https://t.co/OkNykQSRsI
  • The New Zealand Dollar may fall against the Japanese #Yen after downside breakouts in $NZDJPY and an #NZD index. Fundamental catalysts include the #coronavirus, China PMI and the #Fed - https://www.dailyfx.com/forex/analyst_picks/todays_picks/daniel_dubrovsky/2020/01/28/New-Zealand-Dollar-Japanese-Yen-Outlook-NZDJPY-Uptrend-at-Risk.html?CHID=9&QPID=917702 https://t.co/r1R2CfwJzF
  • My trading video for the upcomign session: 'S&P 500, Crude Oil, Yield Curve Tumble as Risk Aversion Aligns to Flu Fears' https://www.dailyfx.com/forex/video/daily_news_report/2020/01/28/SP-500-Crude-Oil-Yield-Curve-Tumble-as-Risk-Aversion-Aligns-to-Flu-Fears.html https://t.co/Bcl3xX99ya
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.42%, while traders in US 500 are at opposite extremes with 67.97%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/VaZ5CnWGft
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.06% 🇪🇺EUR: 0.03% 🇬🇧GBP: -0.01% 🇳🇿NZD: -0.03% 🇯🇵JPY: -0.05% 🇨🇭CHF: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/EdKF0XF8z0
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.41% France 40: 0.40% US 500: 0.39% Germany 30: 0.25% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/8BrsH6ji0L
  • $AUDJPY technical positioning hints prices may be on cusp of turning lower after a late-2019 bounce, recoupling with a dovish RBA policy outlook. Get your market update from @IlyaSpivak here: https://t.co/z84Y0V0ZtH https://t.co/bmKUTN0PzJ
  • LIVE NOW! Analyst @ZabelinDimitri analyzes the cross-asset impact of geopolitical risks affecting markets in the week ahead here - https://www.dailyfx.com/webinars/146770987?CHID=9&QPID=917720
  • The Indian Rupee 2020 outlook is bearish as India faces stagflation risk amid rising onion and crude oil prices. $USDINR may rise in the medium-term as the RBI defers hiking rates. Get your market update from @ddubrovskyFX here: https://t.co/lRrlZjjfLY https://t.co/IpCiS3VpyN
  • Heads up! My colleague @ZabelinDimitri will be discussing items such #coronavirus, #Brexit and the #BoE, #FOMC, consumer data and corporate earnings. Join him for a session starting in about 10min below! https://t.co/aMuRtLhWKe
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
Share:

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.

DISCLOSURES

News & Analysis at your fingertips.