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.

Free Trading Guides
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
More View more

DailyFX PLUS Content Now Available Freely to all DailyFX Users

Real Time News
  • Your psychology has a significant impact on the decisions you make, particularly if you are new to trading. How can you avoid your emotions from turning you into a #FOMO trader? Find out: https://t.co/FC7CHpk9vA #FOMOintrading https://t.co/WSDr3JkpAG
  • $AUDUSD: Short-term support could lead-in to a quick bounce up to resistance as taken from another prior support level, plotted around the .6830 level on the chart. Get your market update from @JStanleyFX here: https://t.co/tUoe1Roo5t https://t.co/omaDxGNhZU
  • Central bank independence has several advantages. Find out what they are in detail with @MartinSEssex here: https://t.co/wVFXbbTxf1 https://t.co/cQQmuH8biQ
  • The US Dollar remains in consolidation mode against the Philippine Peso and Indian Rupee. Will the Singapore Dollar weaken as $USDSGD rising support holds ahead? Find out from @ddubrovskyFX here: https://t.co/HZ8Loqj3Ey https://t.co/6PCFkdj3ka
  • Follow @DailyFXedu for your regular #webinar updates with @DailyFX analysts and catch up on the webinars you missed. https://t.co/Da10QUg9r1
  • Greed has proven to be a hindrance more than assistance for traders. How does greed lead to #FOMOintrading? Find out from @RichardSnowFX here: https://t.co/aT8TZjlFqP https://t.co/Le8Qx6OOwV
  • $GBPUSD at the moment break-even straddles = 152pips meaning that for option traders to realize gains, the spot price must see a move greater than 152pips. Get your market update from @JMcQueenFX here: https://t.co/odj2lLRrGf https://t.co/RXCBwHGluG
  • $EURGBP has fallen over 6% since August and is now rapidly approaching a critical support level not reached since May. Will a break below accelerate the aggressive selloff? Find out from @ZabelinDimitri here: https://t.co/CBM8Fg7vM0 https://t.co/0yDnEpzQqR
  • The #Euro is struggling for direction against the US Dollar but the near-term downtrend guiding it lower since late June remains firmly intact. Where is $EURUSD heading? Get your technical analysis from @IlyaSpivak here: https://t.co/us6AINmuoe https://t.co/J4hQtyprYf
  • $DXY & $SPX500 hold steady after #FED rate cut. Get your update from @JohnKicklighter here: https://t.co/vqXlKCMDYA
Bitcoin (BTC) Weekly Outlook: Will BTC/USD Price Test Monthly High?

Bitcoin (BTC) Weekly Outlook: Will BTC/USD Price Test Monthly High?

2019-09-06 13:00:00
Mahmoud Alkudsi, Market Analyst

Bitcoin Price Technical Forecast

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

BTC/USD Price U-Turn

On August 29, Bitcoin declined to its lowest level in nearly five weeks at 9,327. However, the cryptocurrency rallied after and settled above 10,000 handle.

On Monday, the Relative Strength Index (RSI) climbed above 50 indicating to buyer’s will to start uptrend momentum.

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

Bitcoin PRICE DAILY CHART (Oct 1, 2017 – Sep 6, 2019) Zoomed Out

Bitcoin price daily chart 06-09-19 Zoomed out

Bitcoin PRICE DAILY CHART (May 28 – Sep 6, 2019) Zoomed In

Bitcoin price daily chart 06-09-19 Zoomed in

Looking at the daily chart, we notice at the start of this week Bitcoin moved to a higher trading zone 10,289 – 10,962 since then the price has been pushing higher. Hence, a close above this level could send BTC/USD towards 13,853. Although, the weekly resistance level underlined on the chart (zoomed in) should be followed along the way.

On the other hand, any failure to close above the high end could may reverse the price’s direction sending BTC/USD to the low end of the zone. Further close below the low end could press the cryptocurrency towards 9,073. Nonetheless, sellers need to pay a close attention on the weekly and daily support levels underscored on the chart.

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

Bitcoin PRICE FOUR Hour CHART (July 28 – Sep 6, 2019)

Bitcoin price four hour chart 06-09-19

Looking at the four-hour chart, we notice on Monday Bitcoin broke above the downtrend line originated from Aug 6 at 12,318. The price rallied after eyeing a test of the high end of the aforementioned trading zone.

Thus, a break above 11,103 may encourage buyers to rally BTC/USD towards 11,775. In that scenario, the weekly the August 12 high marked on the chart needs to be considered.

In turn, a break below 9,935 could press BTC/USD towards the July 28 low at 9,116. Although, the weekly support at the August 29 low at 9,327 would be worth monitoring.

Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkudsi

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


News & Analysis at your fingertips.