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
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
Wall Street
Bullish
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
Gold
Bullish
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
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here: https://t.co/8A1QhwMVKo https://t.co/nnDvummgbT
  • Heads Up:🇬🇧 Construction PMI (APR) due at 08:30 GMT (15min) Expected: 62.3 Previous: 61.7 https://www.dailyfx.com/economic-calendar#2021-05-07
  • 🇮🇹 Retail Sales MoM (MAR) Actual: -0.1% Previous: 6.6% https://www.dailyfx.com/economic-calendar#2021-05-07
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 87.30%, while traders in Wall Street are at opposite extremes with 79.27%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/VZ9AbYGY0C
  • Heads Up:🇮🇹 Retail Sales MoM (MAR) due at 08:00 GMT (15min) Previous: 6.6% https://www.dailyfx.com/economic-calendar#2021-05-07
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Gold: 0.25% Oil - US Crude: 0.21% Silver: 0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/DGtzbHsIac
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/cC80QLzTNk
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.26% 🇨🇭CHF: 0.17% 🇪🇺EUR: 0.14% 🇳🇿NZD: -0.07% 🇦🇺AUD: -0.10% 🇨🇦CAD: -0.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/NIonmU6Z9P
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.98% France 40: 0.80% FTSE 100: 0.61% Wall Street: 0.09% US 500: 0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/CehidrXOWz
  • 🇫🇷 Industrial Production MoM (MAR) Actual: 0.8% Expected: 2% Previous: -4.8% https://www.dailyfx.com/economic-calendar#2021-05-07
Bitcoin (BTC/USD), Ethereum (ETH/USD) Crushed as Cryptocurrency Market is Overrun by Sellers

Bitcoin (BTC/USD), Ethereum (ETH/USD) Crushed as Cryptocurrency Market is Overrun by Sellers

Nick Cawley, Strategist

Bitcoin (BTC/USD) Price, Analysis and Chart:

  • Bullish channel is broken in a two day sell-off.
  • No specific driver of price action.

Another wave of indiscriminate selling in the cryptocurrency market has slammed prices lower across the board with double-digit losses registered everywhere. This wave follows yesterday’s heavy sell-off, and partial retrace, amid talk that leveraged accounts were moving out of the market after recent heavy gains. As always with the cryptocurrency market, volatility and rumor go hand in hand and, while currently unlikely, any news about another corporation entering the market or adopting Bitcoin could easily reverse these losses quickly. However, as we speak sellers have complete control of the space with some major coins falling by 20%+ and it would be foolish to try and counter this current trend.

How to Manage the Emotions of Trading

The latest sell-off has changed the technical outlook for Bitcoin (BTC/USD) with the bullish ascending channel from late-January now broken. Monday’s ‘hanging man’ candlestick is another bearish chart signal and suggests a trend reversal, although the 20-day simple moving average may lend support to current price action if closed above today. The ATR indicator shows Bitcoin volatility at a record high while the CCI reading shows the market is fairly neutral in terms of sentiment.

Top 10 Candlestick Patterns to Trade the Markets

Bitcoin (BTC/USD) Daily Price Chart (October 2020 - February 23, 2021)

Bitcoin (BTC/USD), Ethereum (ETH/USD) Crushed as Cryptocurrency Market is Overrun by Sellers

Traders of all levels and abilities will find something to help them make more informed decisions in the new and improved DailyFX Trading Education Centre

What are your views 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