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
Oil - US Crude
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
More View more
Real Time News
  • Crude oil prices collapsed on Monday despite an OPEC+ breakthrough, driven by Covid-induced demand woes. Meanwhile, Gold is at odds with a stronger US Dollar and falling Treasury yields. Get your #crudeoil market update from @FxWestwater here:https://t.co/H1vmag8d1k https://t.co/1zuPdKUmyE
  • AUD/USD is likely to face increased volatility over the coming days as it faces a batch of key event risks going into the end of July. Get your Australian Dollar forecast from @DavidJSong here: https://t.co/qFpg0DCxxL https://t.co/quQxg4WBy3
  • The US Dollar outlook against ASEAN currencies like the Singapore Dollar, Thai Baht, Indonesian Rupiah and Philippine Peso remains bullish amid capital outflows risks as Covid cases swell. Get your market update from @ddubrovskyFX here:https://t.co/vRUVxvQP8o https://t.co/cUEkW9BfIP
  • Is investing in your favorite brand or buying its products the better financial move? Read the article for a breakdown. https://t.co/iWOlDAK8cD https://t.co/0uS5VvWj12
  • Crude oil prices collapsed on Monday despite an OPEC+ breakthrough, driven by Covid-induced demand woes. Meanwhile, Gold is at odds with a stronger US Dollar and falling Treasury yields. Get your #crudeoil market update from @FxWestwater here:https://t.co/H1vmag8d1k https://t.co/PW5pCw9dKR
  • The Japanese Yen has been making a comeback, but it may soon resume its decline against the US Dollar as USD/JPY consolidates within a bullish Falling Wedge. Watch for a breakout. Get your market update from @ddubrovskyFX here:https://t.co/zxRWoNR4lS https://t.co/bXTx0TSRmU
  • BTC/USD treading water sideways, 28600 the big level to watch. ETH/USD working on forming a nice-looking descending wedge. Get your market update from @PaulRobinsonFX here:https://t.co/H1qOV4FR1P https://t.co/tjutUl7Nt7
  • Gold hasn’t been very active the past few sessions, but that could change next week and provide a stronger trading bias. Get your weekly gold technical forecast from @PaulRobinsonFX here: https://t.co/HaEe3i4Sug https://t.co/LsARS2mnFI
  • Market uncertainty sees GBP pairs break out of their ranges. Get your weekly GBP forecast from @HathornSabin here: https://t.co/IRO7a6Jv8J https://t.co/4LxWz7sOVF
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.01% 🇪🇺EUR: 0.01% 🇨🇦CAD: -0.03% 🇬🇧GBP: -0.16% 🇦🇺AUD: -0.21% 🇯🇵JPY: -0.36% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/AXKeEsin95
Bitcoin Price Forecast: BTC/USD Signals a Possible Reversal

Bitcoin Price Forecast: BTC/USD Signals a Possible Reversal

Mahmoud Alkudsi, Analyst

BTC/USD Price Technical Outlook

  • Will bears take advantage of bull’s hesitation?
  • Levels and trading zones to consider on BTC/USD chart

BTC/USD – Disrupted Rally

Last week, Bitcoin rebounded from its highest level in nearly four weeks at $7.455 then retreated after. On Friday, the price closed the weekly candlestick with a bearish Doji pattern, highlighting a possible upcoming reversal.

The Relative Strength Index (RSI) remained flat above 50 reflecting the lack of impulse to start uptrend move.

Bitcoin PRICE DAILY CHART (FEB 15 – April 14, 2020) Zoomed Out

Bitcoin daily chart price 14-04-20 Zoomed out

Bitcoin PRICE DAILY CHART (JAN 15 – April 14, 2020) Zoomed In

Bitcoin daily chart price 14-04-20 Zoomed in

Looking at the daily chart, we noticed that on April 2 Bitcoin climbed to current trading zone $6.540- $7.824. Yet, the price failed in multiple occasions to overtake the 50-day average reflecting bulls hesitation at this stage.

Thus, a close below the low end of the zone opens the door for bearish comeback and possibly lead the price towards $5.625. Further close below that level could send the BTC/USD even lower towards $4.186. That said, the weekly support levels underscored on the chart (zoomed in) should be kept in focus.

On the flip-side, any close above the high end of the zone could encourage bulls to push towards $7.824. Further close above this level could mean more bullishness towards $10.507. Nevertheless, the weekly resistance levels marked on the chart should be monitored.

Bitcoin PRICE FOUR Hour CHART (Mar 15 – April 14, 2020)

Bitcoin four hour price chart 14-04-20

Looking at the four-hour chart, we noticed that on Friday the price broke below the uptrend line originated from the March 30 low at $5.855. Later on, Bitcoin developed head and shoulders pattern. Therefore, any violation to the neckline located at $6.615 could lead the price towards $5.864.

A break below $6.330 would be considered another bearish signal. This increases the likelihood of falling towards $5.864. Yet, the weekly support level underlined on the chart should be considered. In turn, any break in the other direction i.e. above 7.301 could cause a rally towards $7.708. Although, the daily resistance level printed on the chart should be watched closely.

See the chart to know more about the critical levels in a further bearish/ bullish move.

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