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
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
Wall Street
Mixed
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
Bullish
USD/JPY
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
More View more
Real Time News
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Silver: 0.99% Gold: 0.14% Oil - US Crude: 0.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/WLLkyZNDig
  • #DAX: A breakout above 12913 could soon have the gap-down in focus from February that kicked off the massive Q1 sell-off. Get your DAX market update from @PaulRobinsonFX here: https://t.co/Cw29vVEcxI https://t.co/Z3fN7K5kpX
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.02%, while traders in US 500 are at opposite extremes with 74.47%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/n5Xuy8XTuC
  • #Fed Beige Book: - Employment increased on net in nearly all districts - Payrolls remain well below pre-pandemic level in almost all districts $DXY
  • #Fed Beige Book: - Economic activity increased in nearly all districts, but down from pre-pandemic levels - Retail sales led by rebound in auto sales - Most districts report uptick in manufacturing activity - Construction remains subdued $DXY
  • RT @MarketsTicker: Fed's Beige Book says activity increased in almost all districts but remains well below pre-pandemic levels
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: US 500: 0.69% Wall Street: 0.64% Germany 30: -0.22% FTSE 100: -0.22% France 40: -0.25% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/uVAPLeD1hH
  • New York #Fed Executive VP Logan says drop in balance sheet a signal of financial market health - BBG
  • The plunge in gold volatility has not seen an ensuing drop in gold prices – more evidence that our longstanding axiom on the gold volatility-gold price relationship holds true. Get your $XAUUSD market update from @CVecchioFX here: https://t.co/GeXl10ibPv https://t.co/xH8yBn8qAG
  • Heads Up:🇺🇸 Fed Beige Book due at 18:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-07-15
Bitcoin Forecast: BTC/USD Price – Move Higher Hinted Ahead

Bitcoin Forecast: BTC/USD Price – Move Higher Hinted Ahead

2020-05-29 09:30:00
Mahmoud Alkudsi, Analyst
Share:

BTC/USD Price Technical Outlook

  • From bearish to bullish
  • Bullish signals on Bitcoin price chart

BTC/USD – Fading Bullish Momentum

On May 18, Bitcoin printed $9,947 then reversed lower returning the majority of the previous week’s gains. As a result, the weekly candlestick closed in the red with a 0.4% loss.

Alongside this, the Relative Strength Index (RSI) fell from 63 to 53 highlighting that bulls were losing momentum.

Bitcoin PRICE DAILY CHART (MaR 1, 2019 – May 29, 2020) Zoomed Out

Bitcoin Forecast: BTC/USD Price – Move Higher Hinted Ahead
Traits of Successful Traders
Traits of Successful Traders
Recommended by Mahmoud Alkudsi
Traits of Successful Traders
Get My Guide

Bitcoin PRICE DAILY CHART (March 17 – May 29, 2020) Zoomed In

Bitcoin Forecast: BTC/USD Price – Move Higher Hinted Ahead

At the start of this week, Bitcoin declined to four-week low at $7,598 then rallied after, reflecting bears’ hesitation to control the price action. Later on, the cryptocurrency climbed to the current trading zone $9,080 -10,507 eyeing a test of the high end of it.

A close above the high end of the aforementioned zone indicates that bulls may push towards $12,320. Having said that, the weekly resistance levels underscored on the chart (zoomed in) should be monitored.

On the flip side, any failure in closing above the high end of the zone highlights a weaker bullish sentiment. This may reverse the price’s direction towards the low end of the zone. A further close below that level could send BTC/USD even lower towards $6,540. In that scenario, the daily and weekly support levels marked on the chart should be kept in focus.

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

Bitcoin PRICE FOUR Hour CHART (May 7– May 29, 2020)

Bitcoin Forecast: BTC/USD Price – Move Higher Hinted Ahead

This week, Bitcoin has generated two bullish signals as rallied above two downtrend lines ( see the four-hour chart). Another bullish signal would be produced if the price violates the downtrend line originated from the May 8 high at $10,071.

Thus, a break above $9,759 may trigger a rally towards the aforementioned May 8 high. On the other hand, a break below $9,386 could send BTC/USD towards $9,117. Needless to say that, the daily support and resistance underlined on the chart should be watched closely.

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.