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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
Real Time News
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out
  • Gold prices failed to retake the uptrend from the May 2019, March 2020, and March 2021 lows, and are nearing their monthly low. Get your $XAUUSD market update from @CVecchioFX here:
  • The US Dollar continues to push higher against ASEAN currencies after the FOMC rate decision. This leaves the USD/SGD, USD/THB, USD/PHP and USD/IDR outlook mostly tilted higher. Get your market update from @ddubrovskyFX here:
  • Latest update on #Evergrande focusing on the Australian Dollar "Australian Dollar Eyes Evergrande as USD Bondholders Still Await Interest Payments" #AUD $AUDUSD
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here:
  • 🇹🇭 Balance of Trade (AUG) Actual: $-1.22B Expected: $0.97B Previous: $0.18B
  • Heads Up:🇹🇭 Balance of Trade (AUG) due at 03:30 GMT (15min) Actual: $-1.22B Expected: $0.97B Previous: $0.18B
  • The Spinning Top candlestick pattern forms part of the vast Japanese candlestick repertoire with its own distinct features. Gain a better understanding of the spinning top candlestick here:
  • Evergrande USD bondholders say have yet to receive interest due Thursday -BBG
  • The US Dollar seems to be back on the offensive against its major counterparts, pressuring EUR/USD and NZD/USD lower as USD/JPY consolidates. USD/CHF surges past key resistance. Get your market update from @ddubrovskyFX here:
Bitcoin Bulls Backed by Tesla, CME launches Ethereum futures

Bitcoin Bulls Backed by Tesla, CME launches Ethereum futures

Tammy Da Costa, Analyst

Bitcoin (BTC/USD), Ethereum (ETH/USD) Forecast:


Tesla drives Bitcoin to Fresh Highs

Bitcoin prices continue to soar ensuing a $1.5 billion investment by electric car manufacturer Tesla. Although the digital currency has managed to maintain the upward trajectory that has prevailed since late last year, Bitcoin bulls have Tesla CEO Elon Musk to thank for the recent boost in price action after the announcement resulted in a 13% price increase, driving BTC/USD to another fresh all-time high. Now that Tesla is a constituent of the S&P 500, the prospects of the digital currency being used as an acceptable payment method in the foreseeable future by other market participants may further catalyze short-term price action, increasing the demand for Bitcoin and other major cryptocurrencies.

Bitcoin (BTC/USD) Price Action

After breaking above $48,000 earlier today, price action retraced off of the key psychological level, falling to the 14.4% Fibonacci retracement level of the Jan – Feb move, currently providing support around $45,277. For now, bulls and bears may continue to battle it out, with $48,000 remaining as resistance. If bulls are able to push through resistance, a test of $50,000 may be in the cards, however, if bears break below current support, which may happen due to profit taking following a really strong move; then they may be able to drive prices back towards the 38.2% retracement level of $40,435.

Bitcoin (BTC/USD) 4 Hour Chart

Bitcoin 4 hour chart

Chart prepared by Tammy Da Costa, IG

Ethereum(ETH/USD) Price Action

Much like the relationship between Silver and Gold, Ethereum continues to walk in Bitcoin’s shadow, despite advancing approximately 123% (YTD). Following the listing of Ethereum futures on the Chicago Mercantile Exchange (CME) over the weekend, bulls were able to drive price action to the key psychological level of $1,800 before the formation of a Doji candle indicated that the bullish momentum had come to halt, allowing for sellers to push prices back into a zone of confluency, existing between the upper and lower bounds of the rising channel.

Meanwhile, the Commodity Channel Index (CCI) remains in oversold territory with divergence potentially suggesting that the uptrend may be losing steam.

Ether (ETH/USD) 4 Hour Chart

Ether 4 hour chart

Chart prepared by Tammy Da Costa, IG

--- Written by Tammy Da Costa, Market Writer for

Contact and follow Tammy on Twitter: @Tams707

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