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
  • (ASEAN Fundy) US Dollar Forecast: Turning Point Reached? USD/SGD, USD/THB, USD/IDR, USD/PHP #USD $USDGSD $USDTHB $USDIDR $USDPHP https://www.dailyfx.com/forex/fundamental/article/special_report/2021/10/25/US-Dollar-Forecast-Turning-Point-Reached-USDSGD-USDTHB-USDIDR-USDPHP.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/87N97EGWdr
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/zEEUHZBx7g https://t.co/N2GqH7QoOd
  • RT @mkraju: Manchin signaling he’s open to $1.75T for social safety net bill, per source briefed on matter, but it’s unclear where the pric…
  • Further your forex knowledge and gain insights from our expert analysts @JohnKicklighter and @JStanleyFX on $USD with our free Q4 market analysis guide, available for free today. https://t.co/7G7pWntiyY #DailyFXGuides https://t.co/XYCRng3hEW
  • RT @JournalistRoss: From CNN's @mkraju: The goal among Democratic leaders is to have a vote Wednesday or Thursday on the infrastructure pac…
  • *Reminder: Weekly Strategy Webinar tomorrow at 8:30am ET on @DailyFX !! https://t.co/lxd5fZnn4H
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/L15w1dzclc
  • Wow Liverpool... https://t.co/9Mx6Xmw4iS
  • With the $SPX, Bitcoin and Fed 2022 rate forecasts pushing record highs; the heavy economic docket for the coming week will make for some loaded trading potential. The events and markets I'm looking at ahead: https://www.dailyfx.com/forex/video/daily_news_report/2021/10/23/SP-500-Reversal-ECB-Decision-FAANG-Earnings-Top-Volatility-Themes-Next-Week.html https://t.co/1SGirtalSb
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/wdbXlx7ChB
Bitcoin (BTC) Rallies into $50k Resistance Zone, Alt-Coins Build on Bitcoin Strength

Bitcoin (BTC) Rallies into $50k Resistance Zone, Alt-Coins Build on Bitcoin Strength

Nick Cawley, Strategist

Bitcoin (BTC/USD) Prices, Charts, and Analysis

  • Bitcoin (BTC/USD) pressing against $50k.
  • Alt-coin market gearing up for higher prices.

Bitcoin is leading the cryptocurrency higher with the market leader rallying over 20% from the lows seen last Thursday. The technical breakout above the short-term downtrend has allowed BTC to take out old levels of resistance, and all three simple moving averages, as positive sentiment continues to buoy the cryptocurrency space. Last week I looked at total market capitalization levels holding back the space and these are now beginning to fall as the Bitcoin rising tide is floating all the alt-coins boats. The next level of interest is at $2.244 trillion, a level already under pressure.

Bitcoin (BTC/USD) and Ethereum (ETH/USD) Rally Into Q4 on Positive Sentiment

Cryptocurrency Market Total Capitalization – October 5, 2021

Bitcoin (BTC) Rallies into $50k Resistance Zone, Alt-Coins Build on Bitcoin Strength

Chart via TradingView.com

The renewed boost in positive sentiment is being driven by a number of factors. The SEC recently took a more constructive view of the market, especially futures-based Bitcoin ETFs, while Fed chair Jerome Powell stated that he was not looking to ban or limit the use of cryptocurrencies, instead suggesting regulation of stable coins. With a group of ETF applications sitting with SEC, any positive signal that these may be given approval will likely send prices even higher. Bitcoin is now pushing against a resistance zone between $50.5k off a prior swing high and the 61.8% Fibonacci level at $51.1k. If this zone is broken, the September 7 multi-month high at $52.9k will come under pressure. The CCI indicator is showing Bitcoin entering overbought territory highlighting the strength of the recent 20%+ rally

Bitcoin (BTC/USD) Daily Price Chart October 5, 2021

Bitcoin (BTC) Rallies into $50k Resistance Zone, Alt-Coins Build on Bitcoin Strength

The alt-coin market is also showing low single-digit gains across the board today and low double-digit gains on a 7-day basis. If Bitcoin can continue its march higher, the alt-coin may start to deliver even greater percentage gains.

Bitcoin (BTC) Rallies into $50k Resistance Zone, Alt-Coins Build on Bitcoin Strength

Prices Provided by Coinmarketcap.com

What is your view on Bitcoin – 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