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
GBP/USD
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
  • (ASEAN Fundy) US Dollar Outlook: SGD, THB, IDR, PHP May Benefit on Slowing Covid Growth, Soft NFPs #USD #ASEAN $USDSGD $USDTHB $USDIDR $USDPHP https://www.dailyfx.com/forex/fundamental/article/special_report/2021/08/02/US-Dollar-Outlook-SGD-THB-IDR-PHP-May-Benefit-on-Slowing-Covid-Growth-Soft-NFPs.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/e5WczRhUl6
  • 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/efGjwnJaKm
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Gold: -0.12% Silver: -0.30% Oil - US Crude: -1.23% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/b9pJgSOH8O
  • RT @Yeap_IG: #IGMorningthoughts: - 89% of #SP500 companies outperformed earnings thus far, but only 0.2% gain in SP500 since start of earni…
  • Gold prices risk forming a "Double Top" pattern - #GOLD chart https://t.co/pxGxpBTGPA
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.01% 🇪🇺EUR: -0.05% 🇨🇭CHF: -0.10% 🇨🇦CAD: -0.14% 🇦🇺AUD: -0.17% 🇳🇿NZD: -0.17% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/W36DdxonII
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.87%, while traders in Wall Street are at opposite extremes with 74.32%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/RKCkZLF5Pw
  • Keppel Corp is seeking to buy Singapore Press Holdings (SPH) for S$2.2 billion following the spin-off of its media assets, and plans to delist and privatize the company - BBG
  • S&P 500 Futures Lift Nikkei 225, Regulatory Risks Hit Chinese Stocks https://www.dailyfx.com/forex/market_alert/2021/08/02/SP-500-Futures-Lift-Nikkei-225-Regulatory-Risks-Hit-Chinese-Stocks.html https://t.co/bBmLaL5aHB
  • 🇰🇷 Markit Manufacturing PMI (JUL) Actual: 53 Previous: 53.9 https://www.dailyfx.com/economic-calendar#2021-08-02
Bitcoin (BTC/USD) Breaches, Reclaims $30k in a Wild Day for Crypto

Bitcoin (BTC/USD) Breaches, Reclaims $30k in a Wild Day for Crypto

Tammy Da Costa, Markets Writer

Bitcoin (BTC/USD) Talking Points:

Advertisement

Bitcoin (BTC/USD) prices have returned to February 2021 lows as China continues to clamp down on the cryptocurrency space. After falling below the key psychological level of $30,000, Bitcoin (BTC/USD) bulls have managed to regain control over price action whilst honoring support and resistance structure, with today’s low printing right around the Jan 22 swing low of $28,800.

The analysis contained in article relies on price action andtechnical analysis. To learn more check out our DailyFX Education section.

Bitcoin (BTC/USD) Technical Analysis

After reaching its peak on 14 April 2021, an influx of bears, driven by both regulatory and environmental concerns, helped to push the major cryptocurrency back to the psychological level of $30,000. A similarly contentious test showed in mid-May, but buyers were able to jump in and re-take control above the 30k marker ($30,066, to be exact). This morning saw no such fortune for bulls, as Bitcoin temporarily breached the 30k level and fell all the way down towards that prior swing low of $28,800 before starting to recover.

Bitcoin (BTC/USD) Daily Chart

Bitcoin Daily Price Chart BTC/USD

Chart prepared by Tammy Da Costa, IG

Since the announcement of Bitcoin as a form of payment for Tesla vehicles in February 2021, the institutional adoption of major cryptocurrency supported the strong rally which saw prices rising above $65k. However, after the Bitcoin reversal by Tesla/Musk (due to the high energy consumption of Bitcoin mining), a massive re-pricing has been underway and BTC/USD has retreated back to early 2021 levels.

Bitcoin Hourly Chart

Bitcoin Hourly Price Chart BTC/USD

Chart prepared by Tammy Da Costa, IG

Meanwhile, from a short-term perspective, the downward pressure on price action was confirmed with a rise in the ATR, the technical indicator often used as confirmation of a sharp move. With a MACD crossover occurring below the zero line, the probability of a move higher cannot be ruled out.

With that being said, current support remains at a big area on the long-term Bitcoin chart, hovering around that 30k level that’s held multiple inflections over the past five months. On a shorter-term basis, there’s Fibonacci support around $32,076 (February low) with the next level of support residing at the psychological level of $30,000.

Meanwhile, current resistance holds at the 88.6% retracement of the Jan 22 – April 14 major move, coming in at at $32,194, after which another Fibonacci retracement rests at $34,415. The next big level beyond that is the $35,000 psychological level.

--- 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