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
More View more
Real Time News
  • Get your basics right. Find out what is stock market volatility and how you can trade It here:https://t.co/pK95WaqA3j https://t.co/sLMza2wKYd
  • The Japanese Yen continues to be pummeled against most major currencies. Get your weekly Japanese Yen forecast from @HathornSabin here: https://t.co/WY5rcoqNP2 https://t.co/JT8yOUgceA
  • The US Dollar paused its advance against ASEAN currencies. USD/SGD eyes a key trendline, USD/THB risks stalling, USD/PHP enters consolidation as USD/IDR continues ranging. Get your market update from @ddubrovskyFX here:https://t.co/Hd4mu0MKkp https://t.co/1kOgueJOXz
  • The economic calendar has its top listings (China GDP among them), but traders would do well to keep tabs on themes like the Fed outlook, an imminent Bitcoin record and lurking China contagion. What I'm watching for next week: https://www.dailyfx.com/forex/video/daily_news_report/2021/10/16/Dollar-Deals-with-Tight-Fed-Outlook-Bitcoin-Eyes-Record-Energy-Crisis-Worries-Continue.html https://t.co/LrlZXmF8jK
  • Crude oil and coal prices hit fresh levels overnight as supply issues threaten to worsen an already fragile energy situation. Asia is particularly susceptible after regional flooding shuttered coal mine operations. Get your market update here:https://t.co/tgIsootO7y https://t.co/2RlYVgawgf
  • The Japanese Yen has moved lower across the board and is making multi-year lows against the USD. Will it snap the range, and do the same against EUR? Get your market here:https://t.co/tQYc6cPuM0 https://t.co/YDEELagtTb
  • The British Pound has bounced off its low against USD while it’s trapped in wide ranges against the EUR and CHF. How long will GBP be tied to its Continental Europe constituents? Find out here:https://t.co/xs3EMWWIom https://t.co/aHXoGbOBKq
  • (Weekly Fundy) Australian Dollar Outlook: AUD/USD Back on the Offensive as Covid Restrictions Ease #AUD $AUDUSD #Covid https://www.dailyfx.com/forex/fundamental/forecast/weekly/aud/2021/10/16/Australian-Dollar-Outlook-AUDUSD-Back-on-the-Offensive-as-Covid-Restrictions-Ease.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/sGSPXKQyne
  • The Australian Dollar is seemingly back on the offensive as lockdowns ease in Sydney and Melbourne. Improving sentiment may allow AUD/USD to capitalize on rising equities and commodity prices. Get your weekly $AUD forecast from @ddubrovskyFX here: https://t.co/JDhqHY9OW1 https://t.co/JyLUT4cNnF
  • The Dow Jones and S&P 500 appear to be vulnerable as retail traders continue to buy into their pullbacks. This is shown via IGCS, which is typically a contrarian indicator. Get your market update from @ddubrovskyFX here:https://t.co/DsbgWvDNP6 https://t.co/xZpbBYE7Dc
Bitcoin (BTC) Jumps to Multi-Month High, Supportive Trend Back in Place

Bitcoin (BTC) Jumps to Multi-Month High, Supportive Trend Back in Place

Nick Cawley, Strategist

Bitcoin (BTC) Price, News and Analysis:

  • Charts suggest that Bitcoin’s rally may not be finished
  • Overbought reading may slow further short-term progress.

A Guide to Trading Bitcoin and Other Cryptocurrencies

Bitcoin (BTC) Jumps $1,000 – Low to High – in Eight Hours

Bitcoin volatility is back with the cryptocurrency rallying hard overnight and hitting highs last seen in mid-March. Today’s daily candle has now broken back above a trendline started off the March 13 low and if BTC can remain above here, the rally may look to test the February 13 high at $10,506.The cryptocurrency market as a sector has registered strong gains across the board, suggesting that positive sentiment is building in the asset class as a whole and not just BTC. If this backdrop remains, then further gains in the short- to medium-term are increasingly likely.

Two weeks ago I noted that Bitcoin was preparing for a breakout ‘as support continues to push higher and begins to close in on resistance’ and that a recently formed ‘Golden Cross’ boosted positive sentiment. The report also highlighted the strength of the supportive uptrend and this remains in place.

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

Looking forward, the February high is the next upside target, followed by the September 5 2019 lower high at $10,940. While the chart remains positive, the CCI indicator shows that Bitcoin is in overbought territory and this reading may need to normalize before further gains are seen. Initial support from today’s low and trend between $9,750 and $9,810. If Bitcoin closes and opens below trend, then positive sentiment will be pared back leaving a cluster of recent lows down to $9,335 exposed.

Bitcoin (BTC) Daily Price Chart (October 2019 – June 2, 2020)

Bitcoin Price rallying

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