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
Mixed
Oil - US Crude
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
Wall Street
Bearish
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Breaking news

Australia added 114.7k jobs in July, beating 30.0k estimate. Unemployment rate fell to 7.5%, outperforming the 7.8% estimate

Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.74%, while traders in US 500 are at opposite extremes with 78.31%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/pr60jYN4lU
  • Are we witnessing a positive month for the FTSE as bulls take control? Find out here: https://t.co/j89IW0WMY7 https://t.co/JECJAfuFJW
  • #AUDUSD edged slightly higher after better-than-expected jobs report https://t.co/1sG8q6hGcc
  • 🇦🇺 Full Time Employment Chg (JUL) Actual: 43.5K Previous: -38.1K https://www.dailyfx.com/economic-calendar#2020-08-13
  • 🇦🇺 Employment Change (JUL) Actual: 114.7K Expected: 40K Previous: 210.8K https://www.dailyfx.com/economic-calendar#2020-08-13
  • 🇦🇺 Unemployment Rate (JUL) Actual: 7.5% Expected: 7.8% Previous: 7.4% https://www.dailyfx.com/economic-calendar#2020-08-13
  • The US Dollar is testing key support levels against the Singapore Dollar, Malaysian Ringgit, Philippine Peso and Indonesian Rupiah following persistent losses. Get your #ASEAN currencies market update from @ddubrovskyFX here: https://t.co/qqYDELqydd https://t.co/EZj6KZu4Y3
  • Heads Up:🇦🇺 Full Time Employment Chg (JUL) due at 01:30 GMT (15min) Previous: -38.1K https://www.dailyfx.com/economic-calendar#2020-08-13
  • Heads Up:🇦🇺 Employment Change (JUL) due at 01:30 GMT (15min) Expected: 40K Previous: 210.8K https://www.dailyfx.com/economic-calendar#2020-08-13
  • Heads Up:🇦🇺 Unemployment Rate (JUL) due at 01:30 GMT (15min) Expected: 7.8% Previous: 7.4% https://www.dailyfx.com/economic-calendar#2020-08-13
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.

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.