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. See our updated Privacy Policy here.

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
GBP/USD
Bearish
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
  • Heads Up:🇨🇳 Industrial Profits (YTD) YoY (AUG) due at 01:30 GMT (15min) Previous: 57.3% https://www.dailyfx.com/economic-calendar#2021-09-27
  • RT @FxWestwater: Australian Dollar Forecast: $AUDUSD Action May Swing on Chinese Industrial Profits Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2021/09/26/Australian-Dollar-Forecast-AUDUSD-Action-May-Swing-on-Chinese-Industrial-Profits.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https://…
  • 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/YTdM3KVtUk
  • The Consumer Price Index, better known by the acronym CPI, is an important economic indicator released on a regular basis by major economies to give a timely glimpse into current growth and inflation levels. Learn how to better understand CPI here: https://t.co/nAa0fHHGbZ https://t.co/Bnih4YvTdg
  • *Reminder: Weekly Strategy Webinar tomorrow morning at 8:30am ET on DailyFX! https://t.co/lxd5fZ5LG7
  • (Weekly Fundy) Crude Oil May Rise as Covid Case Growth Slows. WTI Eyes OPEC Outlook, Evergrande #CrudeOil #WTI #OPEC #Evergrande https://www.dailyfx.com/forex/fundamental/forecast/weekly/title/2021/09/26/Crude-Oil-May-Rise-as-Covid-Case-Growth-Slows-WTI-Eyes-OPEC-Outlook-Evergrande.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/76e2aGf3p0
  • Recessions can devastate the economy and disrupt the fortunes of individuals, businesses, and investors. But economic decline in the business cycle is inevitable, and your trading can be defined by how you respond to crisis. learn how to prepare here: https://t.co/e4Cnoc1dk0 https://t.co/NhsMS1EY4b
  • We are heading into the final trading days for the month of September and event risk thins out amid the $SPX's rebound. This is what history says for the 39th week of the year and here is my take on the variable factors: https://www.dailyfx.com/forex/video/daily_news_report/2021/09/25/SP-500-and-Dollar-Have-Different-Views-for-Last-Week-of-September.html https://t.co/4OBVmrvI7I
  • Further your forex knowledge and gain insights from our expert analysts on AUD with our free guide, available today: https://www.dailyfx.com/free-trading-guides?ref-author=social#forecastschoices=AUD?QPID=30472&CHID=9 https://t.co/LHJi7CNFmM
  • $EURUSD https://t.co/KZyXX6p2oI
Bitcoin (BTC) Struggles to Break Above $10,000, Supportive Trend Remains

Bitcoin (BTC) Struggles to Break Above $10,000, Supportive Trend Remains

Nick Cawley, Strategist

Bitcoin (BTC) Price, News and Analysis:

  • Bitcoin continues to draw strength from a supportive trendline.
  • A bullish ‘Golden Cross’ formed yesterday.

A Guide to Trading Bitcoin and Other Cryptocurrencies

Bitcoin (BTC) Consolidating Ahead of a Potential Upside Breakout

The technical set-up for Bitcoin remains positive despite this week’s drift lower, and a further re-test of $10,000 big figure resistance cannot be ruled out. The supportive trendline off the March 13 spike low remains dominant and gained added credibility by holding both the May 10 and May 11 sharp sell-offs - between $8,150 and $8,200 - in check. Since then the recent BTC rally has resumed with the crypto making two attempts at breaking $10,000 without success. As support continues to push higher and begins to close in on resistance, a breakout nears.

Bitcoin is also finding support off the 20-dma (red line) and while this moving average has been pierced, BTC has not closed and opened below the dma, leaving short-term positive sentiment intact. The daily chart also shows that a bullish ‘Golden Cross’ formed yesterday – the 50-dma moving above the 200-dma – boosting longer-term positive sentiment in the crypto. Coming back to the short-term outlook, the 20-dma currently at $9,335 and the May 15 low at $9,145 may offer initial support, before the trendline appears around $8,950. As previously mentioned a close and open below this trendline negates the positive short-term outlook. A clean break above $10,000 and the May 8 high at $10,075 leaves the February 13 high print at $10,506 exposed. As the meeting of support and resistance nears, a breakout is looking increasingly likely.

Bitcoin (BTC) Daily Price Chart (November 2019 – May 21, 2020)

Bitcoin (BTC) Struggles to Break Above $10,000, Supportive Trend Remains

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 via Twitter @nickcawley1.

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

DISCLOSURES