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
Bullish
Gold
Mixed
GBP/USD
Mixed
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
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
More View more
Real Time News
  • The Dow Jones could fall based on positioning signals, will the growth-linked Australian Dollar and Canadian Dollar follow? If so, what are the technical barriers ahead? Find out from @ddubrovskyFX here:https://t.co/yJrlR5C00P https://t.co/3yPoDUHnfG
  • #Singapore GDP shrinks most on record as city-state enters a recession #SGD falls, #USD gains #StraitsTimes eyeing support What is the road ahead for $USD/SGD? - https://www.dailyfx.com/forex/market_alert/2020/07/14/US-Dollar-USDSGD-Gain-Singapore-Enters-Recession-on-Record-GDP-Drop.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/HvcLpEh6NG
  • Join @DanielGMoss's #Webinar at 10:00 PM ET/2:00 AM GMT for his weekly coverage of trading prep for $AUDUSD in the week ahead. Register here: https://t.co/wi1qabrtHJ https://t.co/13qB60OlJV
  • Further gains in USD/IDR could be curbed as USD/PHP establishes a floor around 2017 lows. USD/MYR may fall next as USD/SGD fast approaches a key falling trend line.Get your #ASEAN currencies market update from @ddubrovskyFX here:https://t.co/9JgZm2n8Fl https://t.co/KqeCR8z3Du
  • RT @Reuters: U.S. Senate to begin debate on new coronavirus bill next week: McConnell https://t.co/qPKEV0fLa9 https://t.co/O33B0ITYaa
  • If you issued your own bond as a person (let's say 10y) how high do you think your yield would be?
  • Market snapshot: US equity futures up, #AUD, #NZD down.
  • Singapore Dollar cautiously weakens against the US Dollar following disappointing #Singapore GDP data $USDSGD #SGD https://t.co/7mRV62n82s
  • WOW Singapore Q2 GDP -41.2% on QoQ on an annualized basis. Est: -35.9% - BBG
  • This Singaporean GDP reading for the second quarter does not bode well for the 'rest of world' figures due over the next few weeks. I would not be surprised if China simply 'weathered' this global impact with Thursday's release... https://t.co/HiflgPvptk
Bitcoin (BTC) Price Struggle Continues, Mired by Conflicting Signals

Bitcoin (BTC) Price Struggle Continues, Mired by Conflicting Signals

2019-11-14 13:30:00
Nick Cawley, Strategist
Share:

Bitcoin (BTC) Price Forecast, Analysis and Chart:

  • Limited price action as Average True Range falls.
  • Bitcoin leaning on the 50-day moving average.

If you are interested in trading the cryptocurrency market, we have produced aDay Trading Guide to Bitcoin and Other Cryptocurrenciesto help you better understand this highly volatile asset class.

Bitcoin (BTC) Price Action - Limited and Confusing

Bitcoin is going through a period of consolidation and sits in the middle of the trading range made over the last six weeks. The daily trading ranges are also tight with the Average True Range (ATR) indicator nearing its monthly low as traders remain undecided about the next move. It should be noted that Bitcoin has reacted sharply after a period of low volatility – twice in the last six weeks – and another breakout cannot be discounted.

Bitcoin (BTC) – Golden Cross/Death Cross

The spot price is currently being supported by the 50-day moving average after breaking below both the 20- and 200-dmas in the last week. The 50-dma broke below the 200-dma – a bearish death cross – at the end of October, indicating lower prices ahead. While the 50- and 200-dma crossovers are not exact, a bullish golden cross was formed back on April 24 at $4,500 which lead to a spike high of just under $14,000 on June 26.

Bitcoin (BTC) Price Levels

If Bitcoin breaks and closes below the 50-day moving average, then a re-test of the recent $7,300 low is back on the cards. The CCI indicator currently shows that Bitcoin is oversold but the IG client sentiment indicator shows that retail customers remain heavily long of BTC. A break to the upside will meet 20- and 200-day moving average resistance at $9,100 and $9,300 respectively.

Bitcoin (BTC) Daily Price Chart (April – November 14, 2019)

Bitcoin (BTC) Price Struggle Continues, Mired by Conflicting Signals

IG Client Sentiment shows that how traders are positioned in a wide range of assets and markets. Retail customers are 83% net-long Bitcoin, a bearish contrarian bias. However, daily and weekly positional shifts give us a mixed outlook.

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.