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
  • 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/rWVlBs6H3c
  • The update to the US Consumer Price Index (CPI) is likely to sway the US Dollar during the Federal Reserve’s blackout period as the central bank braces for a transitory rise in inflation. Get your weekly $USD forecast from @DavidJSong here: https://t.co/JTuP7CLlyi https://t.co/tOvqn3Gdpc
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency: https://t.co/EfWEACQ6Cz https://t.co/s5dn4ZKnku
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency: https://t.co/EfWEACyvdZ https://t.co/6VjW5FEiQW
  • Global stocks bounce back from recent pullback as key resistance levels lie ahead. Get your weekly equities forecast from @HathornSabin here: https://t.co/wXSWo1JygD https://t.co/vWVaSEQTXT
  • 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: https://t.co/t9FlspUVZz https://t.co/9kfBu04auM
  • Dealing with the fear of missing out – or FOMO – is a highly valuable skill for traders. Not only can FOMO have a negative emotional impact, it can cloud judgment and overshadow logic. Learn how you can control FOMO in your trading here: https://t.co/lgDf5ddzFV https://t.co/8GJ6OQYgnW
  • Bitcoin (BTC) started the day on the front foot on the Twitter news before the latest China crypto ban hammered the market lower. Get your weekly crypto forecast from @nickcawley1 here: https://t.co/ZKHGXeVhsR https://t.co/QSltMQml6N
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/DSp7f3YuAx
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/HNqHcbL6vk
Bitcoin (BTC/USD), Ethereum (ETH/USD) Price Outlook - New All-Time Highs Near

Bitcoin (BTC/USD), Ethereum (ETH/USD) Price Outlook - New All-Time Highs Near

Nick Cawley, Strategist

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

  • Two steps forward, one step back – Bitcoin (BTC/USD) eyes new high.
  • Ethereum (ETH/USD) looking at $2,000+ again.

The cryptocurrency market is turning higher again, continuing a pattern of ‘two steps forward, one step back’ that has helped it make repeated all-time highs. If you listen to cryptocurrency Twitter, ‘buy the dip’ rules the market and if seen over a longer time-frame, this strategy continues to work. In its latest iteration, BTC/USD fell from around $58,000 back to $43,000 in a week before turning back higher to its current level near $54,000. The market is awash for reasons for the move higher, but as always the cryptocurrency space is fueled more by sentiment than identifiable reason. Bitcoin may be being adopted by more businesses and used on balance sheets, but it is the drive and will of traders for higher prices across the board that continues to move the market for now. Against this backdrop, the real risk remains to short the market, especially with volatility levels at or close to all-time highs.

How to Manage the Emotions of Trading

Note on the Bitcoin chart that when BTC/USD approached its prior high of $42,000 on February 8, the coin accelerated sharply higher in the same day. To a slightly lesser extent, this also happened on December 16 when it broke the prior high of around $20,000.

Bitcoin (BTC/USD) Daily Price Chart (September 2020 – March 9, 2021)

Bitcoin (BTC/USD), Ethereum (ETH/USD) Price Outlook - New All-Time Highs Near

Ethereum (ETH/USD) continues to probe higher and looks set to make a fresh attempt at $2,000 and higher. ETH/USD needs then to keep that level before it can push higher and the chart set-up suggests that this is possible. Volatility remains near record levels and will not stop any sharp move higher.

Ethereum (ETH/USD) Daily Price Chart (September 2020 – March 9, 2021)

Bitcoin (BTC/USD), Ethereum (ETH/USD) Price Outlook - New All-Time Highs Near

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) and Ethereum (ETH) – 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