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
Bearish
Oil - US Crude
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
Wall Street
Mixed
Gold
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
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • The US Dollar could gain as it forms bullish technical formations against the Singapore Dollar and Malaysian Ringgit. USD/PHP may have bottomed, will USD/IDR rise next? Find out from @ddubrovskyFX here:https://t.co/3UIKmbLIvD https://t.co/PY2YyH4vkQ
  • The Indian Rupee may be at risk to the US Dollar as USD/INR attempts to refocus to the upside. This is as the Nifty 50, India’s benchmark stock index, could fall further. Get your $USDINR market update from @ddubrovskyFX here:https://t.co/3wsYlSxd26 https://t.co/z2qB9p8IgX
  • A proxy of #EmergingMarket capital flows hit its lowest since July, falling with the #SP500 after some divergence This is as #USD gained against its developing FX counterparts, highlighting potential risk of a spillover outwards Stay tuned for next week's #ASEAN fundy outlook! https://t.co/kAvpnb0EXO
  • 4 consecutive down weeks for the #SP500, last matched over a year ago #Fed balance sheet continues to gain very cautiously, now at its highest since the middle of June. Still, at slower pace than last week Focus shifts to US fiscal stimulus next week in the House of Reps https://t.co/f8zpSILm86
  • #Gold prices have broken lower and while the broader technical structure is constructive, the risk remains for a deeper correction before resumption. Get your $XAUUSD technical analysis from @MBForex here: https://t.co/7p3jPx6nQd https://t.co/nnCSdt6OV5
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.00% 🇳🇿NZD: -0.02% 🇯🇵JPY: -0.15% 🇨🇭CHF: -0.23% 🇦🇺AUD: -0.25% 🇪🇺EUR: -0.33% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/O8Qb7OHZza
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.30% Gold: -0.33% Silver: -0.92% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/lEALo4Z1M9
  • The S&P 500 breakdown is testing the first major zone of support and we’re looking for a reaction. Get your S&P500 technical analysis from @MBForex here:https://t.co/JrTNmQ5c7g https://t.co/D79T1134P9
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.29%, while traders in EUR/GBP are at opposite extremes with 65.04%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/lzTHuIgzFQ
  • US Equities Update (Friday Close): $DJI +1.34% $SPX +1.60% $NDX +2.34% $RUT +1.59% $VIX -7.93%
Bitcoin Forecast: BTC/USD Price – Possible Reversal on the Horizon

Bitcoin Forecast: BTC/USD Price – Possible Reversal on the Horizon

2020-08-07 09:30:00
Mahmoud Alkudsi, Analyst
Share:

BTC/USD Price Technical Outlook

  • (BTC) price chart exposes a possible reversal
  • Neutral outlook while below $11,093

BTC/USD – Bulls in Charge

Last week, Bitcoin hit a near 12-month high of $11,447, then closed a weekly candlestick in the green with a 17.8% gain.

Alongside that, the Relative Strength Index (RSI) remained in overbought territory emphasizing the strength of the bullish momentum.

Bitcoin PRICE DAILY CHART (April 1, 2019 – August 7, 2020) Zoomed Out

Bitcoin daily chart price 07-08-20 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 (July 12 – August 7, 2020) Zoomed In

Bitcoin daily chart price 07-08-20 Zoomed in

On July 27, Bitcoin climbed to the current $11,093 - $12,320. Since then, price has failed on multiple occasions to break through the lower trading zone, repeatedly rebuffing efforts to put bears back in charge.

However, it is important to note the price and RSI divergence as the former created a higher high, while the latter created a lower high, signaling a possible reversal of the upward trend.

A daily close below the low end of the current trading zone may guide Bitcoin’s fall towards the weekly support level at $10,507 (November 2019 high).

On the other hand, a daily close above the high end of the zone could encourage bulls to extend the rally towards the monthly resistance level at $13,853 ( June 2019 High).

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

Bitcoin PRICE FOUR Hour CHART (June 27 – August 7, 2020)

Bitcoin four hour price chart 07-08-20

On Wednesday, the price rebounded from the bullish trendline support originated from the August 2 low at $10,589 indicating that bullish momentum remained intact.

To conclude, while bulls still have the upper hand the price/RSI divergence provides a good base of a possible reversal. Therefore, a break below $11,475 may send BTC/USD towards the low end of the current trading zone discussed above on the daily chart at $11,093, while a break above $12,636 may trigger a rally towards $12,973. As such, the weekly support and resistance levels underscored on the four-hour chart should be monitored.

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