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
GBP/USD
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
More View more
Real Time News
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here: https://t.co/rz7fqi8ZEe https://t.co/xRvmfd2jiJ
  • PBoC will also strengthen management of information on internet about cryptocurrencies
  • PBoC issues notice to further prevent and dispose of risks from Cryptocurrency speculation and will strengthen monitoring of risks from Crypto trading Adds that cryptocurrency-related activities are illegal
  • China State Planner says they will not allow financial support for new Crypto mining projects or allow these projects to participate in electricity markets
  • China State Planner issues notice on crackdown on Cryptocurrency mining
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfIZNKr https://t.co/GMN6Vs857w
  • 🇩🇪 Ifo Business Climate (SEP) Actual: 98.8 Expected: 98.9 Previous: 99.6 https://www.dailyfx.com/economic-calendar#2021-09-24
  • 🇮🇹 Consumer Confidence (SEP) Actual: 119.6 Expected: 115.8 Previous: 116.2 https://www.dailyfx.com/economic-calendar#2021-09-24
  • 🇮🇹 Business Confidence (SEP) Actual: 113 Expected: 112.6 Previous: 113.2 https://www.dailyfx.com/economic-calendar#2021-09-24
  • 🇩🇪 Ifo Business Climate (SEP) Actual: 98.8 Expected: 98.9 Previous: 99.4 https://www.dailyfx.com/economic-calendar#2021-09-24
Cryptocurrency Charts – Ethereum & Bitcoin Turning Near-term Bearish

Cryptocurrency Charts – Ethereum & Bitcoin Turning Near-term Bearish

Paul Robinson, Strategist

Overall, trading in cryptocurrencies has become a bit more challenging in the past couple of months with charts broadly trending nowhere. But this doesn’t mean there isn’t good short-term set-ups waiting for the patient trader, such as the clean head-and-shoulders set-up in Ethereum not long ago. Ripple also at that time gave a good look.

Today, we’ll take a look at the recent rallies in Ethereum and Bitcoin as they are starting to show signs of ending and leading to another down-move in the not-too-distant future.

See how positioning changes in cryptocurrencies and other markets can help as a tool to determine price direction on the IG Client Sentiment page.

Ethereum rally brings familiar resistance into play

Ethereum spilled hard from the aforementioned head-and-shoulders pattern, but has since put in a sizable recovery. The rally, though, has a solid level of resistance in play, a familiar area from some time ago.

Coupling the longer-term area on the daily, turning to the 4-hr there is price resistance in confluence with a trend-line running off the peak last month. ETH/USD is currently sneaking below a minor trend-line off the late-month low. Looking for a continuation lower as the week progresses.

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

ETH/USD Daily Chart (Resistance)

ETHUSD daily chart with resistance

ETH/USD 4-hr Chart (Confluence of Resistance)

ETHUSD 4hr chart at confluence of resistance

Bitcoin rising wedge could end corrective rally soon

On the 4-hr, Bitcoin is posting a rising wedge within the context of a downtrend. This has BTC/USD positioned to make a move lower, but traders will want to see it roll down out of the pattern first, as there is still a chance it pops to the top-side.

Potentially stopping downside momentum is a trend-line dating back to February, which may be apart of a maturing wedge in place since then. The pattern may want to further itself along towards the apex of the pattern, which, broadly speaking, would be a welcomed event as the pattern could down the line lead to a very strong move.

For now, leaning bearish and will continue to monitor. Keep an eye on the daily trend-line on weakness – a hold may give us the larger pattern at some point, while a break could lead down towards 6400.

BTC/USD Daily Chart (Watch lower-trend-line)

BTCUSD daily chart, large wedge could be building

BTC/USD 4-hr Chart (Rising wedge set-up)

BTCUSD 4hr chart with rising wedge

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

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