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
GBP/USD
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
  • The USD could still rally a bit from here, but has resistance not far ahead that it will need to overcome if it is to extend to a larger degree. Get your weekly $USD technical forecast from @PaulRobinsonFX here: https://t.co/n0CVWWOJDe https://t.co/0uLjsQ2gwM
  • When it comes to buying and selling forex, traders have unique styles and approaches. Learn about buying and selling forex here: https://t.co/D8DXSAdpqC https://t.co/nfiFAlyYXv
  • Slippage can be a common occurrence in forex trading but is often misunderstood. Understanding how forex slippage occurs can enable a trader to minimize negative slippage, while potentially maximizing positive slippage. Learn about FX slippage here: https://t.co/Blrl0unrdT https://t.co/mIsVJ4zTbB
  • What is your forex trading style? Take the quiz and find out: https://t.co/YY3ePTpzSI https://t.co/hymrumanUY
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfs2Iz https://t.co/6dAqxsVfxJ
  • The results of this weekend’s German Federal Election will likely dominate Euro sentiment at the start of the week ahead but after a possible EUR/USD bounce they will have little long-term impact. Get your weekly $EUR forecast from @MartinSEssex here: https://t.co/Xu3ZT7EtrW https://t.co/5VHKn52MaA
  • The Consumer Price Index, better known by the acronym CPI, is an important economic indicator released on a regular basis by major economies to give a timely glimpse into current growth and inflation levels. Learn how to better understand CPI here: https://t.co/nAa0fHq4Np https://t.co/mf9rsmIvaW
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here: https://t.co/7t4BzmLg8w https://t.co/mYWO0Eta0P
  • Sterling continues to contract into trend extremes and the focus is on a pending breakout in the weeks ahead. Get your weekly $GBP technical forecast from @MBForex here: https://t.co/ZvEMQuFjSs https://t.co/rMmq9cehnY
  • Japanese candlesticks are a popular charting technique used by many traders, and the shooting star candle is no exception. Learn about the shooting star candlestick and how to trade it here: https://t.co/mfwJ0sZLTs https://t.co/tm4k3IVzHr
Bitcoin Outlook: BTC/USD Breakout Stalling-  Crypto Technicals Levels

Bitcoin Outlook: BTC/USD Breakout Stalling- Crypto Technicals Levels

Michael Boutros, Strategist

Bitcoin Technical Price Outlook: BTC/USD Trade Levels

Advertisement

Bitcoin prices fell more than 3.5% since the start of the week with BTC/USD trading at 45335 in early US trade. A breakout in early-august trade may vulnerable here and while the broader outlook is weighted to the topside, the threat for a near-term correction within the confines of the uptrend remains. These are the updated targets and invalidation levels that matter on the BTC/USD technical price charts. Review my latest Strategy Webinar for an in-depth breakdown of this Bitcoin setup and more.

Bitcoin Price Chart – BTC/USD Daily

Bitcoin Price Chart - BTC/USD Daily - Crypto Outlook - Technical Forecast

Chart Prepared by Michael Boutros (log scale), Technical Strategist; Bitcoin on Tradingview

Technical Outlook: In last month’s Bitcoin Price Outlook we noted that the BTC/USD sell-off was approaching key support objective just lower- “look to reduce short-exposure / lower protective stops on a stretch into key support at 27169-27734 – expect a larger reaction there IF reached. Ultimately, the risk remains for a fresh monthly low here with a breach above the July open needed to put the bulls back in control.” Price never made it there- Bitcoin registered a low 29296 the following day before reversing sharply higher with BTC/USD rallying more than 64% off that mark.

Bitcoin Price Chart – BTC/USD Daily (2018 Price Action Parallel)

Bitcoin Price Chart - BTC/USD Daily - 2018 Price Action Parallel - Crypto Technical Outlook

The rally has continued to trade within the confines of an ascending pitchfork formation extending off the yearly lows with a turn off the 75% parallel last week now testing median-line support. Note that ongoing momentum divergence continues to highlight the threat for some back & fill here and while the broader outlook remains constructive, the immediate advance may be vulnerable here near-term. Note that a parallel of the structure of the 2018 decline (magenta) continues to suggest the risk remains for continued weakness IF These Highs Hold.

Bitcoin Price Chart – BTC/USD 240min

Bitcoin Price Chart - BTC/USD 240min - Crypto Technical Outlook

Notes: A closer look at Bitcoin price action shows BTC/USD turning just ahead of the April low-day close at 49128 this week before pulling ack with price now sitting on median-line support in early US trade. Confluent support now rests at 40706-41929 backed by 38395- both areas of interest for possible downside exhaustion IF reached. A topside breach keeps the focus on subsequent resistance objective at the 61.8% Fibonacci retracement of the yearly decline at 51030- look for a larger reaction there IF reached with a breach / close above likely to fuel another accelerated rally towards the 78.6% retracement / May open at 57128/790.

Bottom line: The Bitcoin rally may be vulnerable here near-term as price stalls into uptrend resistance. From at trading standpoint, a good zone to reduce long-exposure / raise protective stops- be on the lookout for downside exhaustion ahead of 38395 IF price is indeed heading higher on this stretch with a breach / close above 51000 needed to clear the way for the next leg higher in Bitcoin.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

---

Active Technical Setups

- Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex

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

DISCLOSURES