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
EUR/USD
Mixed
Oil - US Crude
Bearish
Wall Street
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
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Heads Up:🇨🇦 BoC Gov Poloz Speech due at 17:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-05-25
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.43%, while traders in US 500 are at opposite extremes with 77.00%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/xjdScTDBXn
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 2.57% Gold: -0.32% Silver: -0.56% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/nRUi0hbwoO
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.28% 🇬🇧GBP: 0.25% 🇦🇺AUD: 0.17% 🇨🇭CHF: 0.04% 🇯🇵JPY: -0.07% 🇪🇺EUR: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/noQ2M4dTit
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: US 500: 1.29% Wall Street: 1.24% France 40: 0.15% Germany 30: 0.10% FTSE 100: 0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/AiUmtoNeVW
  • The British Pound is under renewed selling pressure this morning after BoE deputy governor for banking and markets said that the central bank is keeping ‘our whole tool set under active review'. Get your $GBPUSD market update from @nickcawley1 here: https://t.co/fY4HewczpL https://t.co/AX1qMeq8ks
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.31% 🇨🇦CAD: 0.19% 🇦🇺AUD: 0.18% 🇨🇭CHF: 0.04% 🇪🇺EUR: -0.05% 🇯🇵JPY: -0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/qsrBgSzbb9
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Germany 30: 2.48% France 40: 1.56% FTSE 100: 1.37% US 500: 1.27% Wall Street: 1.15% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/U88jwizBUy
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.62% Gold: -0.43% Silver: -0.80% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/E0JIHB34kq
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.33%, while traders in US 500 are at opposite extremes with 75.98%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/KPZp80OFL7
Bitcoin Price: Key Chart Levels and Signals – BTC/USD Forecast

Bitcoin Price: Key Chart Levels and Signals – BTC/USD Forecast

2020-05-12 14:00:00
Mahmoud Alkudsi, Analyst
Share:

BTC/USD Price Technical Outlook

  • Bitcoin price falls from a multi-weeks high
  • BTC/USD corrects lower and eyes well-defined levels

BTC/USD – Bulls Ease up

On Friday, Bitcoin took off to a near three month high at $10.071. Afterward, the price retreated and settled below the $10.000 handle as some bulls seemed to cut back. Yet, the market closed the weekly candlestick with a 14.0 % gain.

This week, the Relative Strength Index (RSI) has fallen from 70 to 52 highlighting a weaker bullish momentum.

Bitcoin PRICE DAILY CHART (MaR 15, 2019 – May 12, 2020) Zoomed Out

Bitcoin daily chart price 12-05-20 Zoomed Out
Traits of Successful Traders
Traits of Successful Traders
Recommended by Mahmoud Alkudsi
Traits of Successful Traders
Get My Guide

Bitcoin PRICE DAILY CHART (March 12 – May 12, 2020) Zoomed In

Bitcoin daily chart price 12-05-20 Zoomed in

Based on the daily chart analysis, on Sunday the price corrected its uptrend and declined to the current trading zone $7.824 - $9.080. Yesterday, Bitcoin failed to return to the previous zone signaling a possible fall towards the low end of the aforementioned zone.

A close below the low end of the zone could encourage bears to press towards $6.540. A further close below that level may send BTC/USD even lower towards $5.625. In that scenario, the weekly support levels underlined on the chart should be considered.

On the other hand, any failure in closing below the low end of the zone may reverse the market’s direction towards the high end. A further close above that level could trigger a rally towards $10.507. That said, the daily and weekly resistance levels marked on the chart should be watched closely.

Building Confidence in Trading
Building Confidence in Trading
Recommended by Mahmoud Alkudsi
Building Confidence in Trading
Get My Guide

Bitcoin PRICE FOUR Hour CHART (April 21 – May 12, 2020)

Bitcoin four hour price chart 12-05-20

Looking at the four-hour chart, in mid-April the market broke above the downtrend line originated from the April 7 high at $7.455 then started a bullish momentum creating higher highs with higher lows. On Sunday, Bitcoin broke below the uptrend line originated from April 21 low at $6.772 eyeing a test of the low end of the current trading zone discussed above on the daily chart.

A break below $7.770 reflects a stronger bearish sentiment and could send BTC/USD towards $7.316. Although, the weekly support level underscored on the chart should be kept in focus. In turn, any break in the other direction i.e. above $9.216 may cause a rally towards $9.648. Nonetheless, the daily resistance level printed on the chart should be monitored.

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

Read More: Bitcoin Price: How Will Halving, Coronavirus After BTC?

How to Use IG Client Sentiment in Your Trading
How to Use IG Client Sentiment in Your Trading
Recommended by Mahmoud Alkudsi
Improve your trading with IG Client Sentiment Data
Get My Guide

Written By: Mahmoud Alkudsi, Market Analyst

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

News & Analysis at your fingertips.