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
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Gold: 0.21% Silver: -0.67% Oil - US Crude: -2.96% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/UgUv0aJioC
  • 🇺🇸 New Home Sales MoM (SEP) Actual: -3.5% Expected: 2.8% Previous: 3% https://www.dailyfx.com/economic-calendar#2020-10-26
  • SAP down 20%...DAX down 2.5% https://t.co/u10iCcImlT
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.83%, while traders in NZD/USD are at opposite extremes with 72.49%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/NdPD8UksZB
  • Commodities Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Gold: 0.04% Silver: -1.18% Oil - US Crude: -2.76% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/ccCknbeGYC
  • Heads Up:🇺🇸 New Home Sales MoM (SEP) due at 14:00 GMT (15min) Expected: 2.8% Previous: 4.8% https://www.dailyfx.com/economic-calendar#2020-10-26
  • There is very little on the economic calendar this week to guide Sterling, while the latest coronavirus numbers show new infections around 20,000 while there have been another 151 fatalities. Get your $GBPUSD market update from @nickcawley1 here:https://t.co/Uj5UYAuwjE https://t.co/IooP7cx5PT
  • Indices Update: As of 13:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.04% France 40: -0.73% US 500: -1.05% Wall Street: -1.15% Germany 30: -2.46% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/3eOsVdmfov
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.84%, while traders in EUR/USD are at opposite extremes with 73.21%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/EwayAGFbnA
  • LIVE NOW: Join Technical Strategist @MBForex for his Weekly Strategy Webinar to review the setups we're tracking into the open of the week! https://t.co/chKtG7waxH
Bitcoin Price Outlook: BTC/USD Eyes a Test of the Monthly Support

Bitcoin Price Outlook: BTC/USD Eyes a Test of the Monthly Support

2019-08-16 14:50:00
Mahmoud Alkudsi, Analyst
Share:

Bitcoin Price Forecast

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

BTC/USD – Hesitant Sellers

On August 6, Bitcoin rallied to 12,318 however, the price slipped back after, then settled below 12,000 handle. This week, BTC/USD traded lower and tested yesterday 9,484 - its lowest level in over two weeks.

Alongside this, the Relative Strength Index (RSI) crossed below 50 however, the oscillator remained flat around 44 reflecting the seller’s indecision to keep sending the price lower.

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

Bitcoin PRICE DAILY CHART (Oct 1– AUG 16, 2019) Zoomed Out

Bitcoin price daily chart 16-08-19 Zoomed out

Bitcoin PRICE DAILY CHART (May 28 – AUG 16, 2019) Zoomed In

Bitcoin price daily chart 09-08-19 Zoomed in

Looking at the daily chart, we notice yesterday Bitcoin declined to its lowest level since the start of August however, the cryptocurrency rallied after then closed in the higher trading zone 10,300 – 12,320.

Thus, a close above the high end of the zone could push the price towards the high end. Nonetheless, the daily resistance levels and area marked on the chart (zoomed in) need to be considered.

On the flip-side, a close below the low end could press the price to test 9500 again. Although, the daily support level at 9,940 needs to be monitored. Further close below 9500 may send BTC/USD towards the monthly support at 9080. See the chart to know more about the lower trading zone/s with weekly support levels in a further bearish scenario.

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

Bitcoin PRICE FOUR Hour CHART (July 28 – AUg 16, 2019)

Bitcoin price four hour chart 16-08-19

Looking at the four-hour chart, we notice on August 12 Bitcoin started a downtrend move creating a lower high at 11,572. Yesterday, BTC/USD rallied and rebounded from 10,439.

Hence, a break above this level may resume bullish price action towards 11,076. Although, the daily resistance underscored on the chart should be watched closely. See the chart to find out more about the next level where the BTC/USD price could pick up.

On the other hand, a break below 9,343 could continue bearish price action towards 8,933. However, the weekly support level at 9,080 would be worth monitoring.

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