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
Mixed
Oil - US Crude
Mixed
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
Bullish
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in USD/CHF are long at 75.97%, while traders in France 40 are at opposite extremes with 79.75%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/c6Ej28vCYY
  • Chinese Holdings of US Treasury Securities (USD) Apr: $1.096T (prev $1.100T) Japanese Holdings of US Treasury Securities (USD) Apr: $1.277T (prev $1.240T)
  • June Consumer Sentiment bounces back and rises to 86.4 from 82.9, beating market expectations. Get your market update from @DColmanFX here:https://t.co/0pWQAS10hW https://t.co/Vv52HG7E9K
  • 🇺🇸 Overall Net Capital Flows (APR) Actual: $101.2B Previous: $146.7B https://www.dailyfx.com/economic-calendar#2021-06-15
  • 🇺🇸 Foreign Bond Investment (APR) Actual: $49.6B Previous: $118.9B https://www.dailyfx.com/economic-calendar#2021-06-15
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.24% France 40: 0.17% Germany 30: 0.10% US 500: 0.02% Wall Street: 0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/G1AEMGbvA5
  • archive of today's webinar posted and ready to go - Pre-FOMC $USD setups, scenario planning around $EURUSD $GBPUSD and $USDCAD, $Gold and $Oil towards the end. https://t.co/sF0WsbHhDi
  • The gold monthly opening-range is set just below confluence resistance – breakout to offer guidance. Get your $XAUUSD market update from @MBForex here:https://t.co/19rCMiLlxG https://t.co/HnGBusmOLG
  • Heads Up:🇺🇸 Overall Net Capital Flows (APR) due at 20:00 GMT (15min) Previous: $146.4B https://www.dailyfx.com/economic-calendar#2021-06-15
  • Heads Up:🇺🇸 Foreign Bond Investment (APR) due at 20:00 GMT (15min) Previous: $118.9B https://www.dailyfx.com/economic-calendar#2021-06-15
Bitcoin (BTC), Ethereum (ETH) Rally Remains Brittle, Volatility at Extreme Levels

Bitcoin (BTC), Ethereum (ETH) Rally Remains Brittle, Volatility at Extreme Levels

Nick Cawley, Strategist

Bitcoin (BTC/USD), Ethereum (ETH/USD), and Alt-Coin Analysis and Charts:

  • Bitcoin, Ethereum recovery continues off multi-month lows.
  • Price volatility at record highs.

Wednesday’s huge sell-off in the cryptocurrency space saw the market’s capitalization fall by around $1 trillion from the high seen earlier this month. The crash, fueled by stories of China widening its ban on cryptocurrency usage, sent markets into a seemingly unstoppable spiral lower, with a wide range of coins and tokens losing 40% to 50% in a matter of hours.Later in the session, the market regained some composure with losses pared-back, after a series of positive tweets hit the screens. A tweet by Elon Musk saying Tesla has ‘diamond hands’ – indicating that Tesla will not be selling its Bitcoin holding – turned sentiment positive. Later another set of tweets by Justin Sun (2.7 million followers) showed the market heavyweight, and the owner of the cryptocurrency platform TRON had bought $152 million of Bitcoin and just under $136 million of Ethereum during the meltdown. Sun added, ‘I’m not selling’.

While the market is now edging higher, it remains well below pre-crash levels and the rebound may come back under pressure. Yesterday’s wipe-out has caused untold damage, not just to trader’s P&Ls but also to market sentiment, a noted driver of cryptocurrency price action. Price volatility is at extreme levels not seen before, despite the many market crashes over the years, and this needs to dampen down if a sustained recovery is to occur.

Bitcoin lead the fightback yesterday and currently trades either side of $40,000 after hitting a Wednesday spike low of just over $30,000. One market volatility measure, the Average True Range is shown at the bottom of the chart, shows the 14-day range at $4,700, a level that makes trading Bitcoin extremely risky. A period of consolidation is needed before entering the market is justified, despite the CCI indicator showing BTC in heavily oversold territory.

Bitcoin (BTC/USD) Daily Price Chart

Bitcoin (BTC), Ethereum (ETH) Rally Remains Brittle, Volatility at Extreme Levels

Ethereum, a notable market outperformer of late, broke below $2,000 for a brief time yesterday, before pulling back after running into a cluster of prior lows and highs. The second-largest coin by market capitalization hit a record high of $4,380 just over one week ago. Again Ethereum looks heavily oversold and is flashing extreme levels of volatility, but yesterday’s blow-out candle top near $3,500 needs to be regained before confidence can be restored.

Ethereum (ETH/USD) Daily Price Chart

Bitcoin (BTC), Ethereum (ETH) Rally Remains Brittle, Volatility at Extreme Levels

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