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
Mixed
Oil - US Crude
Mixed
Wall Street
Mixed
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
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • this was the central focus of the q2 tech forecast on $USD. Monthly chart, resistance on underside of long-term trend channel after fibo support helped to provide the bounce in early-Q1 https://www.dailyfx.com/forex/market_alert/2021/04/04/USD-Q2-2021-Technical-Forecast.html https://t.co/vtSoeJ4dsi
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.55%, while traders in Germany 30 are at opposite extremes with 80.61%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/rs6RgWvlsG
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.27% Gold: -0.27% Silver: -0.90% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/XXWvUv4FbP
  • US Indices are all trading in the red today, with Tech and Small Caps both down over 1%. DOW -0.53% SPX -0.71% NDX -1.30% RUT -1.58% $DIA $SPY $QQQ $IWM
  • USD/CAD trades to a fresh monthly low (1.2471) following the failed attempt to push back above the 50-Day SMA (1.2585). Get your $USDCAD market update from @DavidJSong here:https://t.co/H4HSs3F399 https://t.co/XNCeAY4VJS
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 1.01% 🇯🇵JPY: 0.65% 🇨🇭CHF: 0.50% 🇪🇺EUR: 0.41% 🇦🇺AUD: 0.33% 🇨🇦CAD: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/84xpQjIXNy
  • The Cable Come Back $GBPUSD hard charging for that 1.4000 handle - the same that rebuked the advance multiple times in March https://t.co/8LCcOxhGVF
  • $USD now down to the next fibo level, trying to grasp on to the 618 Q2 reversal theme still in play https://t.co/2VG2DW5lX5 https://t.co/vjzCG0gxHk
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: France 40: -0.19% FTSE 100: -0.20% Germany 30: -0.21% Wall Street: -0.40% US 500: -0.58% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/lcRh4V7LPH
  • $Gold pulling back, support potential around prior neckline from the double bottom formation $GC https://t.co/zn5e1byJPx https://t.co/ImAEGmKN4G
Bitcoin (BTC/USD) Bulls Battle to Re-Claim $50,000

Bitcoin (BTC/USD) Bulls Battle to Re-Claim $50,000

Tammy Da Costa, Markets Writer

Bitcoin (BTC/USD) Price Analysis:

Advertisement

Bitcoinprice action currently remains within in a confluent zone, formed between Fibonacci retracement levels of the 2020-2021 move. With the adoption of the major cryptocurrency by PayPal in October last year, demand for virtual currencies soared, resulting in a break of 2017 levels and a series of new highs into 2021 trade. However, as larger institutions continue to investigate the possibility of adopting BTC/USD as an additional payment method, the limited supply of coins in circulation have provided Bitcoin with characteristics akin to Gold, Silver and other safe-haven assets, gaining popularity as a hedge against inflation and US Dollar weakness.

How to Use IG Client Sentiment in Your Trading
How to Use IG Client Sentiment in Your Trading
Recommended by Tammy Da Costa
Improve your trading with IG Client Sentiment Data
Get My Guide

Bitcoin (BTC/USD) Technical Analysis

Although the beginning of the week looked relatively promising for Bitcoin bulls, risk of more stringent regulations and rising bond yields have hindered further gains, providing bears with an opportunity to push prices lower. Since reaching a new high on 21 February 2021, upward momentum faltered, resulting in a depreciation of approximately $10,000 over the next two weeks. Now, although bulls are eager to regain control of the trend, bears are persistent to break below current support, formed by the 23.6% Fibonacci retracement level of the 2020 – 2021 move, at $45,463. For now, the Commodity Channel Index (CCI) and the Moving Average Convergence/Divergence (MACD) remain in oversold territory on the weekly chart, while the psychological level of $50,000 remains as resistance.

Bitcoin Trading
Bitcoin Trading
Recommended by Tammy Da Costa
Download Your free Bitcoin Trading Guide
Get My Guide

Bitcoin (BTC/USD) Weekly Chart

Bitcoin (BTC/USD) Bulls Battle to Re-Claim $50,000

Chart prepared by Tammy Da Costa, IG

Meanwhile, on the daily chart, price action remains above both the 50 and 200 Day Moving Average, providing additional support for BTC/USD. The CCI is nears oversold territory whilst the MACD lingers above the zero line.

Building Confidence in Trading
Building Confidence in Trading
Recommended by Tammy Da Costa
Discover the importance of confidence in trading
Get My Guide

Bitcoin (BTC/USD) Daily Chart

Bitcoin (BTC/USD) Bulls Battle to Re-Claim $50,000

Chart prepared by Tammy Da Costa, IG

--- 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