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
Bullish
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
Oil - US Crude
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
Wall Street
Mixed
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
Mixed
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
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • The London trading session accounts for around 35% of total average forex turnover*, the largest amount relative to its peers. The London forex session overlaps with the New York session. Learn about trading the London forex session here: https://t.co/dWaWQ0MK1V https://t.co/BAUGbFNJ9d
  • IHS Markit “Services have once again been especially hard hit, but manufacturing has seen growth almost stall, blamed on a cocktail of COVID-19 and Brexit, which has led to increasingly widespread supply delays, rising costs and falling export" https://t.co/4lzdYJNqLu
  • 🇬🇧 Markit/CIPS UK Services PMI Flash (JAN) Actual: 38.8 Expected: 45 Previous: 49.4 https://www.dailyfx.com/economic-calendar#2021-01-22
  • 🇬🇧 Markit/CIPS Manufacturing PMI Flash (JAN) Actual: 52.9 Expected: 54 Previous: 57.5 https://www.dailyfx.com/economic-calendar#2021-01-22
  • 🇬🇧 Markit/CIPS Composite PMI Flash (JAN) Actual: 40.6 Expected: 45.5 Previous: 50.4 https://www.dailyfx.com/economic-calendar#2021-01-22
  • Litecoin IG Client Sentiment: Our data shows traders are now at their most net-long Litecoin since Nov 25 when Litecoin traded near 81.55. A contrarian view of crowd sentiment points to Litecoin weakness. https://www.dailyfx.com/sentiment https://t.co/48NRtK0I8O
  • Heads Up:🇬🇧 Markit/CIPS UK Services PMI Flash (JAN) due at 09:30 GMT (15min) Expected: 45 Previous: 49.4 https://www.dailyfx.com/economic-calendar#2021-01-22
  • Heads Up:🇬🇧 Markit/CIPS Manufacturing PMI Flash (JAN) due at 09:30 GMT (15min) Expected: 54 Previous: 57.5 https://www.dailyfx.com/economic-calendar#2021-01-22
  • Heads Up:🇬🇧 Markit/CIPS Composite PMI Flash (JAN) due at 09:30 GMT (15min) Expected: 45.5 Previous: 50.4 https://www.dailyfx.com/economic-calendar#2021-01-22
  • 💶 Markit Manufacturing PMI Flash (JAN) Actual: 54.7 Expected: 54.5 Previous: 55.2 https://www.dailyfx.com/economic-calendar#2021-01-22
Technical Analysis for Bitcoin, Ethereum & Ripple; Easy Come, Easy Go

Technical Analysis for Bitcoin, Ethereum & Ripple; Easy Come, Easy Go

Paul Robinson, Strategist

Cryptocurrencies continue to dwindle as the great speculative unwind remains in full-swing. Rallies have become quite brief before sellers quickly push prices back lower. After yesterday’s abrupt reversal we’ll take a look at charts of Bitcoin, Ethereum, and Ripple and see how much lower they might be headed. It should be noted that while one of the greatest bubbles, if not the greatest (unclear if it was bigger than the Tulip mania in the 1600s), is quickly deflating, volatility is likely to remain high for the foreseeable future and will offer nimble traders opportunities from both sides of the tape.

See what other traders are doing with Bitcoin and how it may help forecast future price fluctuatons - IG Client Sentiment page.

Bitcoin, looking for 5920 and worse

The most recent bounce in Bitcoin lasted less than 3 days before it was swatted back lower, engulfing most of the bounce. Barring a move back above the Tuesday high at 7506, a break below 6427 will have the February spike-low in play at 5920.

Below there, we’ll look to 5555 and then the September high at 4979 as another possible spot to halt the decline, even if only for a short while. The longer-term target is in the 2-3k range, maybe worse. Prior bubbles of less magnitude have seen prices depreciate more than 90% in some instances.

From a tactical standpoint, and this goes for the whole group, rallies in the short-term look like better selling than buying opportunities. More broadly speaking at some point there may be a sustained recovery, but we’re not seeing signs of that developing just yet.

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

BTC/USD Daily Chart

BTC/USD daily price chart

Ethereum, 400 target met – 275 next?

Back in late February, on the premise that Ethereum was developing an ominous looking top, the call was for it to decline to the apex of the wedge around 400 formed during the second half of 2017. Indeed, the target had been met at the tail-end of last month, with the most recent low arriving at 358.

It’s been a very steady decline since the 3rd peak of the topping formation, with bounces very minimal. There may be yet another leg lower before we finally see some relief for Ethereum. With price inside the H2 ’17 wedge, the next level of meaningful support doesn’t arrive until 275. From there, should it happen in fairly short order, we might see a recovery unfold.

ETH/USD Daily Chart

ETH/USD daily price chart

Ripple, looking for sub-40 cents

Just as a large wedge formed in Ethereum during the second half of last year, one developed in Ripple as well. The one-month super-spike rally out of the wedge has yet to be erased, and like Ethereum the target is the apex of the wedge. This doesn’t arrive until around 25 cents, but before then we’ll be looking to the May 2017 peak at just under 40 cents as the next targeted short-term objective.

XRP/USD Daily Chart

XRP/USD daily price chart

Helpful Resources 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