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
EUR/USD
Mixed
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
Bearish
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
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
USD/JPY
Mixed
More View more
Real Time News
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/UalZ8cRSXB https://t.co/wDVd2QvcjO
  • The longer-term EUR/USD outlook will hinge on Thursday’s ECB guidance; any hint of a further easing of Eurozone monetary policy would weaken it, but that is far from guaranteed. Get your #currencies update from @MartinSEssex here: https://t.co/RmHCfIwdqp https://t.co/hvETa6mtft
  • Traders tend to overcomplicate things when they’re starting out in the forex market. This fact is unfortunate but undeniably true. Simplify your trading strategy with these four indicators here:https://t.co/A4dqGMPylo https://t.co/M8WTvZgx2K
  • The Australian Dollar was under selling pressure this past week, but it held its ground. Bearish patterns brew in AUD/USD and AUD/JPY. Will EUR/AUD, GBP/AUD try to break higher again? Get your #currencies update from @ddubrovskyFX here: https://t.co/04kzJSqgNG https://t.co/ulPk1UneMM
  • Stocks are set to endure a string of data releases with market-moving potential in the week ahead in the form of tech earnings, European GDP and more, even as the US Presidential election clamors for the spotlight. #equities update from @PeterHanksFX here https://t.co/R6tpEvfXJb https://t.co/7koHTyh2AK
  • As we round our way towards a new week, Cable is within the confines of a bullish structure with beginnings back in September. Get your #currencies update from @PaulRobinsonFX here: https://t.co/NIbRTVmjqq https://t.co/zYma4Iq4dP
  • Myth or fact? One thing is for sure, there are a lot of misconceptions about trading. Knowing the difference between common trading myths and the reality is essential to long-term success. Find out about these 'myths' here: https://t.co/UGhbX6kn3H https://t.co/NE2RB1NT55
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/MVwUUltt6R
  • 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/38gTDn8ejP https://t.co/XnQzHlFsAv
  • Have you been catching on your @DailyFX podcast "Global Markets Decoded"? Catch up on them now, before new episodes release! https://t.co/Twr44cZ1GB https://t.co/FuLPdCLpKs
Bitcoin Price: Will BTC/USD Resume Recent Surge?

Bitcoin Price: Will BTC/USD Resume Recent Surge?

2019-08-09 14:52:00
Mahmoud Alkudsi, Analyst
Share:

Bitcoin Price Outlook

Check out our Q3 forecasts for USD and Gold . Download for free main currencies and commodities trading guides.

BTC/CAD – Stalled Bullish Momentum

On August 3 Bitcoin opened with an upward gap, indicating to a clear intention from the buyers to continue leading the price. The currency peaked on Tuesday at 12,318- its highest level in nearly five weeks, then slipped back after, and settled below 12,000 handle.

Alongside this, the Relative Strength Index (RSI) crossed above 50, however remained flat around 60 after, indicating to a paused uptrend move.

Just getting started? See our Beginners’ Guide for FX traders

Bitcoin PRICE DAILY CHART (Oct 1– AUG 9, 2019) Zoomed Out

Bitcoin price daily chart 09-08-19 Zoomed out

Bitcoin PRICE DAILY CHART (June 20 – AUG 9, 2019) Zoomed In

Bitcoin price daily chart 09-08-19 Zoomed in.

Looking at the daily chart, we notice on Monday Bitcoin moved to the higher trading zone 11,200 – 12,320. On the following day the price tested and rebounded from the high end of the zone.

Hence, a close above the higher end of this zone could push the price towards 13,000 handle. Although, the weekly resistance underscored on the chart (zoomed in) would be worth monitoring.

On the flip-side, any close below the low end of this zone may send the price towards 10,300. However, the weekly resistance marked on the chart should be watched along the way.

Having trouble with your trading strategy? Here’s the #1 Mistake That Traders Make

Bitcoin PRICE FOUR Hour CHART (AUg 1 – AUg 9, 2019)

Bitcoin price four hour chart 09-08-19

Looking at the four-hour chart, we notice on July 28 Bitcoin rebounded from 9,116 and started a move to the upside, creating higher highs with higher lows. On Wednesday the virtual currency corrected lower creating a lower high at 12,145.

Thus, a break above this high may reignite the uptrend move sending the price towards 12,830. Although the high end of the aforementioned trading zone needs to be considered.

On the other hand, a break below 11.470 could press the price towards the low end of the zone. Nonetheless, the daily support level underlined on the chart should be monitored. See the chart to know more about the lower trading zone with the weekly support levels sellers may encounter in a further bearish scenario.

Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkudsi

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

DISCLOSURES