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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Wall Street
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
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
  • Consolidation or bull flag? A bull flag is a continuation pattern that occurs as a brief pause in the trend following a strong price move higher. Learn how to better spot these formations here:
  • Crude and Brent oil are on track to extend higher as Gulf Coast supply disruptions and a positive OPEC report bolster sentiment. Uranium is on a massive surge, aided by the famous Wall Street Bets group. Get your market update from @FxWestwater here:
  • The Australian Dollar has retraced from August lows when looking at AUD/JPY and AUD/CAD. However, the AUD/NZD downtrend is intact, will a reversal there appear as well? Find out:
  • PBOC injects net 90 billion Yuan in open market operations - Yuan reference rate set at 6.4526 per USD - BBG
  • Australia to trial home quarantine for arrivals who are vaccinated - BBG
  • The S&P 500, Dow Jones and DAX 30 could be at risk of falling as retail traders continue increasing their upside exposure in these indices. What are the key technical levels to watch for? Find out from @ddubrovskyFX here:
  • RT @FxWestwater: New Zealand Dollar Outlook: $NZDUSD Drops on US Dollar Bids, Wall Street Losses Link: https://t.c…
  • The US Dollar continues to hold its ground against most ASEAN currencies as recent downtrends lose momentum. What is the road ahead for USD/SGD, USD/THB, USD/PHP and USD/IDR? Find out from @ddubrovskyFX here:
  • 🇳🇿 Business NZ PMI (AUG) Actual: 40.1 Previous: 62.6
  • The Canadian Dollar has been caught in broad ranges against the Euro and the US Dollar, but can the upside bias in USD/CAD and EUR/CAD prolong? Find out here:
Bitcoin & Major Cryptocurrency Charts – Reversals May Be Short-lived

Bitcoin & Major Cryptocurrency Charts – Reversals May Be Short-lived

Paul Robinson, Strategist

Cryptocurrency Highlights

  • Massive sell-off met by sharp reversal days; prior swoons met by buying
  • But if buyers don’t come in and we soon see a failure, change in character in progress
  • Bitcoin, Ethereum, and Ripple charts with price levels and lines

Want to learn more about cryptocurrencies? Check out this guide, Introduction to Bitcoin Trading

In yesterday’s cryptocurrency technical outlook, we expressed the notion that the charts may be broken and that the ‘animal spirits’ of the manic rise may have finally broken. But even if so, as we also stated there will be huge bounces along the way.

Yesterday, we saw massive turnarounds across the spectrum after support levels were either exceeded or met. The turnabouts forged key-reversal bars, which could amount to a continuation higher. But we’ll want to take note of how this plays out, because past swoons have been greeted with big reversals which turned into new bull legs higher. And if rallies falter this time around, then a significant change in character could be on display…

Bitcoin failed to hold the May slope prior to yesterday’s break, then traded below the July trend-line before putting in a bullish key-reversal bar. Just ahead lies resistance in the vicinity of 12100/600, an area which could put the brakes on any recovery. If it fails and takes out the spike-day low of 9222, then look for more carnage to set in.

Traders are buying the dip in Bitcoin, check out what this might mean on the IG Client Sentiment page.

Chart 1 – BTC/USD: Daily

bitcoin daily log price chart

Ethereum broke below the 862 swing-high posted in December, doing as the others did – put in a key-reversal bar. The sharp break in December was greeted quickly by buyers, but will the same happen this time around? If not, then a drop below yesterday’s reversal-bar at 770 will quickly have the November trend-line in focus, and worse.

Chart 2 – ETH/USD: Daily

ethereum daily log price chart

Ripple has been the wildest cryptos of the bunch recently as the new kid on the block. It’s meteoric rise during December and January was met with a 74% plunge off the monthly high to the double-bottom set during the prior two sessions. Support looks to be significant right around $0.87. There is resistance not far ahead around the $1.56-mark. Overall, though, this one currently sits further down on the watch list for now.

Chart 3 – XRP/USD: Daily

Ripple daily log price chart

Whether you’re a new or experienced cryptocurrency trader, we have several resources to help you;Introduction to bitcoin trading guide, indicator for tracking trader sentiment, and a weekly webinar discussing the latest developments.

---Written by Paul Robinson, Market Analyst

To receive Paul’s analysis directly via email, please SIGN UP HERE

You can follow Paul on Twitter at @PaulRobinsonFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.