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.

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
EUR/USD
Mixed
Oil - US Crude
Mixed
Wall Street
Bearish
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
Gold
Bullish
GBP/USD
Bullish
USD/JPY
Bullish
More View more
Real Time News
  • Global stock markets may see turbulent volatility if darkening clouds over Washington’s relations with Beijing turn into a geopolitical storm. Which assets will be the lifeboat? Find out here:https://t.co/RkFI6qAyik https://t.co/40ScG8COhW
  • Will be discussing the Dow Jones and S&P 500 as retail trader signals hint bearish potential Starts in 30 minutes! https://t.co/CYP4r5v5oK
  • RT @FxWestwater: Australian Dollar Outlook: Inflationary Theme in Spotlight as $AUDUSD Sputters Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2021/05/11/Australian-Dollar-Outlook-Inflationary-Theme-in-Spotlight-as-AUDUSD-Sputters.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https://t.co…
  • Please join @ddubrovskyFX at 20:00 EST/00:00 GMT for a webinar on what other traders' buy/sell bets say about price trends. Register here: https://t.co/mwYyGmK1Gf https://t.co/mvc5ajVaCh
  • 🇰🇷 Unemployment Rate (APR) Actual: 3.7% Previous: 3.9% https://www.dailyfx.com/economic-calendar#2021-05-11
  • All 9 Dow Jones sectors ended lower, with 90% of the index’s constituents closing in the red. Energy (-2.62%), financials (-2.43%) and consumer discretionary (-1.82%) were among the worst performers, while materials (-0.23%) registered small losses. https://t.co/4jHdCZ1NuL
  • RT @ZabelinDimitri: What could go wrong?! https://t.co/c6CLYsCN1d
  • Heads Up:🇰🇷 Unemployment Rate (APR) due at 23:00 GMT (15min) Previous: 3.9% https://www.dailyfx.com/economic-calendar#2021-05-11
  • (Tech Special) British Pound Analysis: GBP/USD, EUR/GBP. GBP/JPY in Focus After Sterling’s Jump $GBPUSD $EURGBP $GBPJPY #GBP #Sterling https://www.dailyfx.com/forex/technical/article/special_report/2021/05/11/British-Pound-Analysis-GBPUSD-EURGBP-GBPJPY-in-Focus-After-Sterlings-Jump.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/HkYBanDOXd
  • The British Pound gained aggressively, placing the focus on levels that may send GBP/USD and GBP/JPY lower, with EUR/GBP still open to a turn higher. Will Sterling’s advance continue? Get your $GBP market update from @ddubrovskyFX here:https://t.co/PHoCHVc20M https://t.co/IBKnW68wv2
Key Reversals Put Brakes on Declines in Bitcoin, Ethereum & Litecoin

Key Reversals Put Brakes on Declines in Bitcoin, Ethereum & Litecoin

Paul Robinson, Strategist

Over the weekend cryptocurrencies were taking a hit, but have found buyers at key spots in several of the major names. Bitcoin and Litecoin both reversed around important trend-lines, while Ethereum had the most dramatic reversal at the top of a plateau created late last year. Bullish reversals may lead to strength in the near-term, but the broader trading bias following rallies remains lower as the speculative unwind has further to go.

Traders are generally long Bitcoin, suggesting more weakness; See how positioning changes can help determine price direction on the IG Client Sentiment page.

Bitcoin buyers show up around 1-year trend-line

Bitcoin halted its decline yesterday with a solid reversal from around a trend-line dating back to March of last year. It wasn’t the most dramatic of turnarounds, but enough to put in a floor in the near-term. As long as yesterday’s low at 7235 holds a bounce back towards 9500 may be in store, an area it recently struggled at. Should it grow legs, the trend-line off the December high clocking in at over 10k could come into play.

If yesterday’s reversal is negated, then look for the swoon to continue with the next major support level not arriving until the Feb spike-low at 5920. Whether Bitcoin can find more buyers or not, the broader outlook remains negative with rallies seen as corrections in the speculative unwind.

Check out this guide to learn more about how to trade Bitcoin and other cryptocurrencies.

BTC/USD Daily Chart (reversal at trend-line)

btc/usd daily log price chart, reversal at trend-line

Ethereum finds support around a plateau created last year

Ethereum had the most dramatic reversal yesterday as it neared the targeted apex of the wedge which formed during the second-half of last year. Before reaching this target, however, buyers showed up around the top of a consolidation period created during November/December.

The key-reversal bar is seen as a low for now, but looking immediately higher the Feb spike-low at 565 will need to be first overcome if ETH/USD is to start a recovery. If it can climb firmly above 565, then the 200-day at 599 is up next, and beyond there it has room to run higher.

Overall, though, as is the case with the rest of the group, a recovery bounce may be all that we see before downward pressure reasserts itself.

ETH/USD Daily Chart

eth/usd daily log price chart, sharp reversal

Litecoin trying to turn higher off 6-month trend-line, 200-day

Litecoin found sponsorship at a confluence of support levels via a trend-line dating back to September and the 200-day moving average. This confluence of support is seen as a floor for LTC/USD, and as long as it doesn’t trade back below yesterday’s low at 137, a bounce back to the trend-line off the record high may be in store.

Trade below 137 will have lows from February in the 102/04 range in focus as the next level of highly visible support.

LTC/USD Daily Chart (reversal at confluence of support)

ltc/usd daily price log chart, turned higher of confluence of support

Helpful Tools for Cryptocurrency Traders

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.

DISCLOSURES