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
Mixed
Gold
Bearish
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • Today's webinar 1. Gold pullback, looks like that bearish engulf from Friday did its work. 2. USD in range, but may be due for a stronger push as it approaches resistance. 3. Reversal scenarios in $USD, $AUD, $Euro and $NZD archive available now: https://t.co/wNs11Tux8M https://t.co/P3fiyo3KLv
  • A continued rise in US yields may see the Fed pick the Jackson Hole Symposium (as opposed to waiting until Sep meeting) to enlighten market participants on their monetary policy strategy review https://t.co/B5O4vcm8CF
  • I personally don't buy into the risk-on sparking a pullback in gold theme considering PMs have been moving in tandem with stocks for months Yields (real yields) have been the main driver for the PM complex https://t.co/rVZXTff93U
  • Today's webinar archived and ready to go -> https://t.co/wNs11Tux8M https://t.co/P3fiyo3KLv
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.23% Gold: -5.47% Silver: -13.52% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/Nggu2Z5njd
  • Gold rally faces a reality check as US yields surge with 30yrs rising as much as 10bps Largest drop in gold in past decade - Aug 11, 2020: -5.5% (Currently) - Jun 20, 2013: -5.43% - Apr 13, 2013: -8.5% https://t.co/bxI6zKpzh1
  • The trio of central banks associated with the Australian, Canadian, and New Zealand Dollars remain in a holding pattern, even as global growth conditions improve, particularly in Asia and Europe. Get your market update from @CVecchioFX here: https://t.co/FBAMsPoEE0 https://t.co/Qz3Yugq1Kz
  • Australian Dollar Price Forecast: AUD/USD Threatens Reversal https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2020/08/11/Australian-Dollar-Price-Forecast-JS-Aussie-AUDUSD-AUD-USD-Threatens-Reversal.html https://t.co/lZtZoUmW1T
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.17%, while traders in Wall Street are at opposite extremes with 74.60%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/rvvFLo185X
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Wall Street: 1.12% FTSE 100: 0.59% US 500: 0.49% France 40: 0.15% Germany 30: 0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/O4DfCQgZKi
Bitcoin (BTC) Price Analysis: Oversold But Bearish Sentiment Remains

Bitcoin (BTC) Price Analysis: Oversold But Bearish Sentiment Remains

2019-11-22 09:00:00
Nick Cawley, Strategist
Share:

Bitcoin (BTC) Price Forecast, Analysis and Chart:

  • October multi-month low may not hold.
  • Strong support levels difficult to identify.

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) – Preparing For The Next Leg Lower?

We have warned over the last couple of weeks that Bitcoin (BTC) was looking weak and that a breakout from its restrictive range/s was on the cards. Various technical indicators have been flashing warning signals and on Thursday the market finally gave way and slumped all the way down to the $7,400 area.

Bitcoin (BTC) Remains Under Technical Pressure as $8,000 Looms

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

The daily chart shows the short-term and long-term outlook for Bitcoin diverging with the market currently looking over-sold, using the CCI indicator. This may see prompt a short-term up tick, but the overall sentiment is still seemingly negative and with little in the way of strong support, lower prices are likely. The downtrend off the late-June high at $13,850 is now back in play after the recent break-out and if this trendline resumes its resistance, then BTC sentiment will remain negative.

The recent multi-month low on the October 23 candle at just over $7,300 remains the first level of support but a break and close below here could see BTC slide below $7,000 and back to the $6,400 - $6,500 area. We identified the death cross formation – 50-dma trading down through the 200-dma – a couple of weeks ago and it now looks likely that the 20-dma will drop below the 50-dma, highlighting the short-term weakness in the market. With Bitcoin trading available on a 24/7 basis, this weekend’s price action will be interesting to watch.

Bitcoin (BTC) Daily Price Chart (May – November 22, 2019)

Bitcoin (BTC) Price Analysis: Oversold But Bearish Sentiment Remains

IG Client Sentiment shows that retail traders are 86% net-long Bitcoin, a bearish contrarian bias.

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.