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
EUR/USD
Bearish
Oil - US Crude
Bullish
Wall Street
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
Gold
Bearish
GBP/USD
Bearish
USD/JPY
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
More View more
Real Time News
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/BdgFmkRxVw https://t.co/niJL2W2yXV
  • 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/0rNbbrd58e
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/zPzJAxBJxt
  • Emotions are often a key driving force behind FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here: https://t.co/eILWbFgHRE https://t.co/uf6KEYTes5
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here: https://t.co/reRmDe1Ksp https://t.co/gRjdVfbg66
  • Implementing a trading checklist is a vital part of the trading process because it helps traders to stay disciplined, stick to the trading plan, and builds confidence. Learn how to stick to the plan, stay disciplined, and use a checklist here: https://t.co/SQUCCYRCIk https://t.co/mLLGqYUygY
  • Use this technical analysis pattern recognition skills test to sharpen your knowledge: https://t.co/Qgz89PTxnu https://t.co/HUYJzEkYiT
  • #Gold prices put in a major breakout last month and, so far, buyers have held the line. But a really big Fed meeting is on the calendar for this week. Can Gold bulls hold? Get your market update from @JStanleyFX here: https://t.co/NGRTSfceOW https://t.co/QkSUORIQE2
  • Struggling to define key levels? Floor-Trader Pivots assist traders in identifying areas in a chart where price is likely to approach and can be used to set appropriate targets, while effectively managing risk. Learn how to use this indicator here: https://t.co/Ye4m1FMKUW https://t.co/PHK2sqB1jV
  • Top event risk for more than just the Dow and Dollar this week is the Wednesday #FOMC rate decision. What the markets expect sets the tone for how the event impacts price action. My run down of the week and Fed decision: https://www.dailyfx.com/forex/video/daily_news_report/2021/06/12/Dollar-and-SP-500-Breaks-Must-Abide-the-FOMC-Decision-This-Week.html https://t.co/Huvth4f706
Bitcoin Price Forecast: BTC/USD Threatens Bearish Reversal on Wedge Break

Bitcoin Price Forecast: BTC/USD Threatens Bearish Reversal on Wedge Break

Peter Hanks, Strategist

Bitcoin (BTC/USD) Price Outlook:

Bitcoin Price Forecast: BTC/USD Threatens Bearish Reversal on Wedge Break

Bitcoin may be vulnerable to a deeper retracement as risk appetite waned and cryptocurrency sentiment soured to start the week. Price action has seen BTC/USD fall out of a rising wedge with price quickly cratering beneath $54,000 – its lowest level since May 5. While the volatility Bitcoin is experiencing is nothing new, the wild price swings can see technical levels disintegrate rather quickly.

Nevertheless, a few major levels remain in the proximity and they could look to influence price action as the week progresses. To the topside, Bitcoin could struggle with overhead resistance marked by prior highs. $58,200 likely serves as an initial barrier to further gains while $61,650 and $65,000 may serve as secondary and tertiary hurdles.

Bitcoin (BTC/USD) Price Chart: 4 - Hour Time Frame (January 2021 – May 2021)

bitcoin price chart

Potential support may reside along recent swing lows slightly north of $52,000 while $50,000 may look to offer some buoyancy as a psychological level. Due to the recent breakdown it would seem support is at risk and Bitcoin will have to stave off lower-lows beneath the $46,750 area as a push beneath the April trough could begin to etch out a larger downtrend. Further still, longstanding technical support between the current spot price and the April lows is sparse.

That being said, Bitcoin still enjoys an optimistic outlook over the longer term. Months of gains have seen the coin push to record highs time and time again while enjoying mouthwatering returns in the process. Prior headwinds in the cryptocurrency space were centered around acceptance, regulation and practical use cases, which the recent wave of corporate adoption and public embrace have worked to resolve.

As a result of said adoption, cryptocurrency has become a household term and Bitcoin’s recent dilemma of losing out to lesser-known and more volatile alternatives is rather pedantic when observed in the bigger picture. In the meantime, keep up to date on recent price developments and analysis using Twitter by following @PeterHanksFX.

--Written by Peter Hanks, Strategist for DailyFX.com

Contact and follow Peter on Twitter @PeterHanksFX

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

DISCLOSURES