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
  • Heads Up:🇳🇱 Consumer Confidence (SEP) due at 04:30 GMT (15min) Previous: -6 https://www.dailyfx.com/economic-calendar#2021-09-22
  • PBoC liquidity injection + reports that Evergrande will make its next onshore bond payment ($35.88-million on 23 Sept) is bolstering risk appetite here. Yet, there is still no word on the $83.53-million offshore bond payment also due Thursday. Over to you now, Jpow & Co. https://t.co/3an0K2d5T1
  • 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/ewdevfzq9I
  • Bank of Japan: - Outlook highly uncertain amid Covid - Asset purchase outline unchanged - Cuts assessment of production - exports, production impacted by supply side constraints - BBG
  • Heads Up:🇯🇵 BoJ Interest Rate Decision due at 03:00 GMT (15min) Previous: -0.1% https://www.dailyfx.com/economic-calendar#2021-09-22
  • What is your forex trading style? Take the quiz and find out: https://t.co/YY3ePT7Yu8 https://t.co/Gl4naStqw1
  • Hello there traders! @FxWestwater and I collaborated to bring you a breaking news story on China's #Evergrande coupon payment $AUDUSD $NZDUSD #AUD #NZD Check out the full story here - https://www.dailyfx.com/forex/market_alert/2021/09/22/AUDUSD-NZDUSD-Soar-on-Evergrande-Debt-Deal-PBOC-Liquidity-Injections.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/nZeZUyctsX
  • Commodities Update Post #Evergrande Payment News: #Gold trading cautiously higher as #USD falls (Treasury yields rising offsetting price action slightly) Growth-linked #CrudeOil prices pushing higher as Chinese slowdown woes slightly cool https://t.co/kq1l3v5O4I https://t.co/tIuUcE0b4N
  • The Spinning Top candlestick pattern forms part of the vast Japanese candlestick repertoire with its own distinct features. Gain a better understanding of the spinning top candlestick here: https://t.co/DWm7cC4v7H https://t.co/hJOIE51SQ8
  • Evergrande Sept 23 Yuan coupon payment negotiated with holders - BBG
Bitcoin (BTC/USD) Finds Support above $45,000 after Steep Decline

Bitcoin (BTC/USD) Finds Support above $45,000 after Steep Decline

Tammy Da Costa, Analyst

Bitcoin (BTC/USD) Outlook:

  1. Bitcoin (BTC/USD) finding resistance below $48,000
  2. El Salvador accepts Bitcoin as a legal tender, BTC/USD bulls back off
  3. US Dollar rebounds as risk-off sentiment comes into play

After a dismal NFP (Non-Farm Payroll) report last Friday, Bitcoin prices rallied before running into a wall of resistance just below $53,000.

Despite the adoption of BTC/USD as a legal tender for El Salvador, the rally came to a rapid halt as the upward momentum faltered, allowing sellers to push prices back towards the $45,000 mark.

Bitcoin (BTC/USD) Price Action

Since recovering from the July low below $27,000, Bitcoin prices have rebounded back above $40,000 as bulls strive to push towards the April high (all-time high) just under $65,000.

After retesting the May high, BTC/USD plummeted until reaching the 61.8% Fibonacci retracement of the July - September move. On the weekly time-frame, price action currently remains trapped between key Fibonacci levels of the 2020 - 2021 move as well as the above-mentioned move.

Bitcoin (BTC/USD) Weekly Chart

Bitcoin (BTC/USD) Finds Support above $45,000 after Steep Decline

Source: Tradingview, Chart by Tammy Da Costa

Meanwhile, price action currently remains above both the 50 and 200 moving average on the daily chart whilst the MACD remains above the zero line. This suggests that the upward trajectory may still be relevant provided prices stay above both the moving averages and the MACD remains above the zero line.

At the time of writing, Bitcoin prices are testing a critical level of support at $45,000. If bears continue to pressurize the bulls, BTC/USD may test the 61.8% retracement of the July – August move at $43,776 with the 20-period Moving average (MA) providing additional support above that level at approximately $45,000.

Bitcoin (BTC/USD) Daily Chart

Bitcoin (BTC/USD) Finds Support above $45,000 after Steep Decline

Chart Prepared by Tammy Da Costa using TradingView

-- Written by Tammy Da Costa, Analyst 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