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
Oil - US Crude
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
More View more
Real Time News
  • Robinhood given an enterprise value of $32 billion after shares priced at $38. Get your market update here:https://t.co/fybAmxrAdo https://t.co/XeUn7kAZ0Q
  • 🇰🇷 Business Confidence (JUL) Actual: 97 Previous: 98 https://www.dailyfx.com/economic-calendar#2021-07-29
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.87% 🇨🇦CAD: 0.63% 🇨🇭CHF: 0.43% 🇯🇵JPY: 0.39% 🇪🇺EUR: 0.37% 🇦🇺AUD: 0.27% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/vH1UWZP3Gt
  • Robinhood closes its first session as a publicly listed company down just over 8% $HOOD https://t.co/4GOkrVfs1B
  • Heads Up:🇰🇷 Business Confidence (JUL) due at 21:00 GMT (15min) Previous: 98 https://www.dailyfx.com/economic-calendar#2021-07-29
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Silver: 2.33% Gold: 1.17% Oil - US Crude: -0.33% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/gkJwZQnj4N
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.22%, while traders in Wall Street are at opposite extremes with 75.65%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/NPtVj3FLsQ
  • Last week’s price action has produced a shooting star formation and yesterday’s FOMC announcement helped to extend the move, driving the USD lower as the Canadian Dollar bounces from its earlier-month lows.Get your market update from @JStanleyFX here:https://t.co/tiqAYlUxA0 https://t.co/xb08I8gwpU
  • Following Amazon's miss on Q2 revenues, Nasdaq 100 futures give back Thursday's gains $AMZN $NDX $NQ https://t.co/63MAFhIjh4
  • I recently had the pleasure of speaking with @chigrl about women in finance, the FinTwit community and trends in the crude oil space Check out the full interview and article - https://www.dailyfx.com/forex/fundamental/article/special_report/2021/07/29/Commodities-Trader-Chigrl-Talks-FinTwit-Women-and-Trading.html
Bitcoin Price Awaits Catalyst as Speculative Mania Heads Elsewhere

Bitcoin Price Awaits Catalyst as Speculative Mania Heads Elsewhere

Peter Hanks, Strategist

Bitcoin (BTC/USD) Price Outlook:

Bitcoin Price Awaits Catalyst as Speculative Mania Heads Elsewhere

Bitcoin escaped the long weekend without a supremely volatile event as price maintained a relatively narrow price range despite the liquidity conditions. Holidays and unusual liquidity conditions have contributed to extreme volatility in the past and, given the recent struggles within the space, it could be argued Bitcoin bulls dodged a bullet with price trading roughly in line with where it entered the weekend. Going forward, however, Bitcoin may need to regain its shine before it can look to recapture lost ground as retail traders and the rampant speculation they bring about seems to have moved elsewhere.

AMC Entertainment (AMC) Price Chart: Daily Time Frame (January 2021 – June 2021)

amc price chart

To that end, AMC Entertainment (AMC) looks to be the recipient of said interest and can be viewed as the market’s speculative favorite for the time being as the stock endures considerable volatility and rockets higher. Despite few positive fundamental developments to drive such a move, the publicity and coverage that the stock is getting may capture the attention of some speculators that would have otherwise entered the cryptocurrency market.

While it is difficult to gauge the overlap of traders and the pool of capital is likely rather smaller in the bigger picture, it could work to keep Bitcoin out of the limelight at a time when price remains vulnerable.

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

bitcoin price chart

As it stands, Bitcoin trades between two major technical levels with resistance near $43,000 and support at $30,000. While a successful bounce off the $30,000 mark in mid-May may have been encouraging in the grander scheme of things, Bitcoin will have to avoid deeper declines to curtail the continuation of lower-lows and lower-highs – a trend that began in mid-April.

Prior support will likely act as resistance going forward, meaning bulls will have to negotiate a plethora of barriers if they are to recapture lost ground. Beyond initial resistance at $43,000, secondary resistance likely rests at $46,750.

Given the developing series of lower-lows and lower-highs, it is difficult to make a convincing bullish argument at this stage and Bitcoin may need to regain its luster before resistance can be taken out – a task that will become more difficult should meme stocks continue to steal the spotlight. That said, Bitcoin remains well beneath recent levels and lacks significant support until $30,000. A break beneath $30,000 would mark another significant downgrade in the technical outlook and would open the door to deeper losses.

--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