Skip to Content
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.

Free Trading Guides
Subscribe
Please try again
Select

Live Webinar Events

0

Economic Calendar Events

0

Notify me about

Live Webinar Events
Economic Calendar Events

H

High

M

Medium

L

Low
More View More
Bitcoin (BTC/USD) Forecast: Bitcoin Extends Gains Post-US CPI

Bitcoin (BTC/USD) Forecast: Bitcoin Extends Gains Post-US CPI

What's on this page

Bitcoin (BTC/USD), Litecoin (LTC/USD) Talking Points:

Cryptocurrency Trading
Cryptocurrency Trading
Recommended by Tammy Da Costa
Download Your free Bitcoin Trading Guide
Get My Guide

Bitcoin (BTC/USD) has rebounded back above the key psychological level of $46,000 after bears failed to push prices below critical support.

With softer US CPI data now being priced into markets, expectations of near-term tapering has temporarily eased, boosting demand for the two largest cryptocurrencies (in terms of market cap), Bitcoin and Ethereum.

Visit DailyFX Education to discover the importance of macro-fundamentals in global markets

Although many alt-coins have remained relatively flat, Litecoin (LTC/USD) currently remains under pressure after it was confirmed that the announcement of a partnership agreement between Walmart and Litecoin was in fact fake news.

The steep rally came to a rapid halt forcing bulls to give back the 30% gains achieved as a result of the ‘deal’.

Traits of Successful Traders
Traits of Successful Traders
Recommended by Tammy Da Costa
Discover the importance of risk management
Get My Guide

Litecoin (LTC/USD) Hourly Chart

Chart prepared by Tammy Da Costa using TradingView

Bitcoin (BTC/USD) Price Action

Bitcoin prices have recovered from last week’s correction, reclaiming the key psychological level of $46,000. After falling below $44,000, failure to break the 38.2% Fibonacci level of the June – September move at $43,500, provided bulls the opportunity to drive prices back towards the near-term resistance, currently holding at $47,081 (the 23.6% retracement of the above-mentioned move).

Meanwhile, the moving average convergence/divergence (MACD) remains above the zero-line, at least for now.

With price action currently encapsulated between prominent levels, the ability to break above the key psychological level of $47,000 may give rise to further bullish momentum and a possible retest of $50,000.

Bitcoin (BTC/USD) Daily Chart

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