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
  • Chinese estates' Evergrande loss assumes all shares sold -BBG #Evergrande
  • RT @FxWestwater: Australian Dollar Fights FOMC-Charged US Dollar After Upbeat PMI Data Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2021/09/22/Australian-Dollar-Fights-FOMC-Charged-US-Dollar-After-Upbeat-PMI-Data.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr $AUDUSD https://t.co…
  • Heads Up:🇯🇵 Foreign Bond Investment (18/SEP) due at 23:50 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-09-22
  • Gold prices gain as potential systemic risks out of China's Evergrande Group roil broader markets. Meanwhile, iron ore is ticking higher after a big drop on Monday as China steps up steelmaking curbs. Get your market update from @FxWestwater here:https://t.co/l4kAWDrr7M https://t.co/B041Lqtg3S
  • #ASEAN based #USD index continues to extend the bounce off September lows post #FOMC This follows a test of the 100-day SMA as well as a rising trendline from June Eyes on the 38.2% Fib extension before potentially retesting the July/August highs https://t.co/uZ7OEJurPs
  • 🇦🇺 Markit Manufacturing PMI Flash (SEP) Actual: 57.3 Previous: 52 https://www.dailyfx.com/economic-calendar#2021-09-22
  • 🇦🇺 Markit Services PMI Flash (SEP) Actual: 44.9 Previous: 42.9 https://www.dailyfx.com/economic-calendar#2021-09-22
  • Heads Up:🇦🇺 Markit Manufacturing PMI Flash (SEP) due at 23:00 GMT (15min) Previous: 52 https://www.dailyfx.com/economic-calendar#2021-09-22
  • Heads Up:🇦🇺 Markit Services PMI Flash (SEP) due at 23:00 GMT (15min) Previous: 42.9 https://www.dailyfx.com/economic-calendar#2021-09-22
  • Gold remains higher despite positive Evergrande news out of China. Meanwhile, copper bulls are pushing prices upward as the potential for a housing crisis in China ebbs. Get your market update from @FxWestwater here:https://t.co/TK3MNnbZP0 https://t.co/Jq51ZEpjt4
Bitcoin (BTC/USD) Bears Breathe Sigh of Relief

Bitcoin (BTC/USD) Bears Breathe Sigh of Relief

Tammy Da Costa, Analyst

Bitcoin (BTC/USD) Forecast:

Advertisement

Bitcoin (BTC/USD) has benefited from recent demand after an already soaring prices benefited off of further gains since bulls failed to breach the key psychological level of 50,000. This follows Tesla’s announcement last week that the S&P 500 constituent invested $1.5 Billion in the digital currency with the hopes of adopting it as an additional payment method before other large corporates jumped aboard.

Meanwhile, failure to break above the psychological level of $50,000 insinuated that bears could drive prices lower, potentially towards previous support at $40,000.

Bitcoin (BTC/USD) Daily Chart

Bitcoin (BTC/USD) Bears Breathe Sigh of Relief

Chart prepared by Tammy Da Costa, IG

Bitcoin (BTC/USD)Technical Analysis

After breaking above $48,000 on Monday, price action retraced off of the key psychological level, falling to the key Fibonacci retracement level of the Jan – Feb move, currently providing resistance at $50,000. For now, sentiment remains bullish, with the Relative Strength Index (RSI) above 70, indicating that the short-term momentum continues to favor the bulls.

With $50,000 now on the horizon, a break above may result in new highs, once again. However, a break below current support could result in the $40,000 coming back into play.

Bitcoin (BTC/USD) Sentiment

Bitcoin (BTC/USD) Bears Breathe Sigh of Relief

Retail trader data shows 82.02% of traders are net-long with the ratio of traders long to short at 4.56 to 1. The number of traders net-long is 3.56% higher than yesterday and 9.90% higher from last week, while the number of traders net-short is 21.94% lower than yesterday and 3.57% lower from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Bitcoin prices may continue to fall.

Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Bitcoin-bearish contrarian trading bias.

--- Written by Tammy Da Costa, Market Writer for DailyFX.com

Contact and follow Tammy on Twitter: @Tams707

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

DISCLOSURES