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
Wall Street
Bullish
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Join @PaulRobinsonFX 's #webinar at 5:30 AM ET/9:30 AM GMT for insight on London #FX and #CFD trading. Register here: https://t.co/AoM3UvLtcF https://t.co/Ivf0i9c1UX
  • New Zealand Dollar may fall as the NZD/JPY and NZD/CAD exchange rates struggle to breach pivotal resistance. Get your $NZD market update from @DanielGMoss here:https://t.co/9QophdOC6X https://t.co/Q3kA0W0Tmu
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.49%, while traders in US 500 are at opposite extremes with 76.88%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/xT6YN1udNa
  • RT @IFM_Economist: For those saying the #RBA should cut the cash rate 25bp to 0% today, the effective cash rate is already at 0.13% to doin…
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Silver: 0.13% Gold: -0.03% Oil - US Crude: -0.41% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/kUxV5Rnply
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.25% 🇨🇦CAD: 0.17% 🇬🇧GBP: 0.16% 🇳🇿NZD: 0.09% 🇨🇭CHF: 0.06% 🇯🇵JPY: 0.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/SaZz1bK4d0
  • 🇪🇸 Unemployment Change (JUL) Actual: -89.8K Previous: 5.1K https://www.dailyfx.com/economic-calendar#2020-08-04
  • #Gold and silver prices may turn lower based on bearish signals from IG Client Sentiment. Technical signals also warn the XAG/USD may fall, will XAU/USD meet the same fate? Find out from @ddubrovskyFX here:https://t.co/zzO5TdogF4 https://t.co/nUTpwNO3xD
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: France 40: 0.45% Germany 30: 0.45% Wall Street: 0.33% US 500: 0.22% FTSE 100: -0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/FsTXvFVtdO
  • Heads Up:🇪🇸 Unemployment Change (JUL) due at 07:00 GMT (15min) Previous: 5.1K https://www.dailyfx.com/economic-calendar#2020-08-04
Bitcoin (BTC) Price Analysis: Slump Stalls, Outlook Remains Negative

Bitcoin (BTC) Price Analysis: Slump Stalls, Outlook Remains Negative

2019-11-25 09:10:00
Nick Cawley, Strategist
Share:

Bitcoin (BTC) Price Forecast, Analysis and Chart:

  • Old horizontal support around $6,500 stems recent downside.
  • Technical outlook remains negative and a 5-handle is not out of the question.

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

Bitcoin (BTC) Continues to Crumble

The cryptocurrency sell-off continues with Bitcoin probing six-month lows over the weekend. We warned over the last couple of weeks that the technical outlook for Bitcoin was negative, and even after these heavy falls, the outlook remains for lower prices in the medium-term. One of the main fundamental drivers over the last few days was the recent crackdown by Chinese authorities on illegal platforms, with rumors – swiftly denied - extending to some of the more established exchanges. Either way, the market remains fragile and pointed lower.

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

A look at the daily chart shows that horizontal support at $7,310 was unable to stem the sell-off with the price trading all the way back down to $6,520, another old zone of horizontal support from back in mid-May. This level may hold in the short-term, with Bitcoin re-testing $7,300. However, if BTC is unable to confirm a close above $7,300 the downside will come back into play. Below $6,500, there is little in the way of support and a sustained sell-off may see the April 2 bull candle back in play. This would see Bitcoin trading back below $4,770.

The technical outlook remains medium-term negative with BTC trading below all three moving averages. BTC may get a short-term bid off the CCI indicator which shows Bitcoin trading in oversold territory.

Bitcoin (BTC) Daily Price Chart (March – November 25, 2019)

Bitcoin (BTC) Price Analysis: Slump Stalls, Outlook Remains Negative

IG Client Sentiment shows that retail traders are 85% 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.