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.

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
Subscribe
Please try again
EUR/USD
Bullish
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
Mixed
GBP/USD
Bearish
USD/JPY
Bearish
More View more
Real Time News
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here: https://t.co/CNtqrKWDBY https://t.co/lvIUu5FHoq
  • The non-farm payroll (NFP) figure is a key economic indicator for the United States economy. It is also referred to as the monthly market mover. Find out why it has been given this nickname here: https://t.co/yOUVEEqhc5 https://t.co/bpKdIqGxsn
  • Looking for a new way to trade reversals? One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about sentiment in the market. Get better with trading reversals here: https://t.co/rfwUWJfbz9 https://t.co/jmcAIW4w5k
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/zEEUHZBx7g https://t.co/M9isuvnzqF
  • The British Pound is giving back some of its multi-month gains with some pairs testing notable support despite a positive fundamental backdrop. Get your market update from @nickcawley1 here: https://t.co/6Ct5R0H41F https://t.co/c4rXmMjMrv
  • Dealing with the fear of missing out – or FOMO – is a highly valuable skill for traders. Not only can FOMO have a negative emotional impact, it can cloud judgment and overshadow logic. Learn how you can control FOMO in your trading here: https://t.co/lgDf5cVYOn https://t.co/4dhCP5pnxM
  • Gold is facing the neckline of a Double Bottom Pattern after bouncing off a confirmed longer-term trendline. Is a bullish reversal in order? Get your market update from @FxWestwater here: https://t.co/kLXZewWBMd https://t.co/w1Nu0z569m
  • Central banks often deem it necessary to intervene in the foreign exchange market to protect the value of their national currency. Learn how central bank intervention can impact your trading here: https://t.co/8G8mUX4so6 https://t.co/Gn41XsGktg
  • Rollover is the interest paid or earned for holding a currency spot position overnight. Learn how to earn rollover interest on your open positions here: https://t.co/SRsG8CxjEn https://t.co/2AR1qgx0tz
  • The New Zealand Dollar is in a tricky spot. On one hand, rising stocks can propel NZD. On the other, a dovish RBNZ ahead could cool bond yields as the government tackles soaring housing costs. Get your market update from @ddubrovskyFX here: https://t.co/5rjm2gr3EL https://t.co/aLwhWHMPqz
Bitcoin Price Rally Stalls at Resistance, Will it Reverse?

Bitcoin Price Rally Stalls at Resistance, Will it Reverse?

Peter Hanks, Strategist

Bitcoin Outlook:

  • Bitcoin has rallied to start the year after slowly bleeding lower in the second half of 2019
  • The coin has retaken the 200-day simple moving average and various other technical levels
  • Now a Fibonacci level at $9,400 stands between BTC/USD and the psychologically significant $10,000 mark

Bitcoin Price Rally Stalls at Resistance, Will it Reverse?

After an abysmal ending to 2019, Bitcoin has started off the New Year with a strong showing. Rallying from $7,150 to $9,300 in under a month, the coin’s performance has allowed it to recapture key technical levels that it can look to for support in the coming days. That being said, BTC/USD will have to surmount a nearby Fibonacci level if it is to continue its climb.

Bitcoin (BTC/USD) Daily Price Chart

bitcoin price chart

To that end, history suggests the Fibonacci level at $9,400 possesses considerable influence over price. Since June 2018, the line has been able to successfully stall price action numerous times, creating a considerable challenge for bulls who are currently trying to push BTC higher after reclaiming the 200-day simple moving average. That being said, Bitcoin can look to the moving average and a trendline protection around $9,000 as an early area of support that could help the coin consolidate.

Bitcoin Trading
Bitcoin Trading
Recommended by Peter Hanks
Get Your Free Introduction To Bitcoin Trading
Get My Guide

Looking to the wider timeframe a break above the Fibonacci level, and eventually the $10,000 mark, would establish a higher-high compared to the October peak. Such a move would be an encouraging sign in pursuit of a longer-term continuation higher as it would help buck the trend of consecutively lower highs and lower lows. Therefore, a confident break and daily close above resistance at $9,400 could allow for further trading opportunities with a bullish bias. In the meantime, follow @PeterHanksFX on Twitter for updates and analysis.

--Written by Peter Hanks, Junior Analyst for DailyFX.com

Contact and follow Peter on Twitter @PeterHanksFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES