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
More View more
Real Time News
  • Stock markets may be vulnerable to political volatility as China flexes its military might against Taiwan ahead of the Biden-Xi summit. Will reconciliation yield to rockets? Find out from @ZabelinDimitri here:https://t.co/YscFLDpan6 https://t.co/CoJhC9vHpB
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Gold: 0.20% Silver: 0.19% Oil - US Crude: -0.09% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/HrKCRbsUJP
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.20% 🇳🇿NZD: 0.19% 🇨🇦CAD: 0.15% 🇨🇭CHF: 0.03% 🇬🇧GBP: 0.01% 🇯🇵JPY: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/b3hu5OEDFQ
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 90.58%, while traders in USD/JPY are at opposite extremes with 77.23%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/Ghq29hRjlq
  • RT @josh_wingrove: Biden went to Baltimore and gave the biggest update yet on the Congressional talks, said the corporate tax rate won’t ri…
  • Gold prices are under pressure after China growth slowed and New Zealand inflation surged, with investors pricing in more aggressive central bank policy outlooks, which is supporting bond yields.Get your market update from @FxWestwater here:https://t.co/9Jiy8IKqQv https://t.co/7ncLoSYQre
  • Australian Dollar gaining during morning Asia trade after reports crossed the wires that #Evergrande made a bond interest payment Sentiment is cautiously improving, #SP500 futures are pushing higher $AUDUSD #SP500 #AUD https://t.co/vWmn6HJfcd https://t.co/FeEc5HTa31
  • RT @josh_wingrove: Some clarity: President Biden's comment on the tax rate was referring to the challenge of having the votes to raise the…
  • #RBA buys bonds to defend yield target for first time since February -BBG #AUD $AUDUSD
  • #Evergrande pays $83.5m of bond interest due September 23rd -BBG citing SEC Times
Bitcoin Outlook: BTC/USD Soars into October- Breakout Levels

Bitcoin Outlook: BTC/USD Soars into October- Breakout Levels

Michael Boutros, Strategist

Bitcoin Technical Price Outlook: BTC/USD Trade Levels

Advertisement

Bitcoin prices surged more than 13% this week on the tail of a 11.6% rally last week with BTC/USD trading near 5-month highs. While the breakout does keep the broader outlook constructive, the immediate advance may be vulnerable in the days ahead as price approaches technical resistance just higher. 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 Trade Outlook - Technical Forecast

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

Technical Outlook: In my last Bitcoin Price Outlook we warned that the BTC/USD sell-off had responded to near-term downtrend support - “A new low has registered- we’re now on the lookout for downside exhaustion / low in price.” We got one! The lows at 39573 held into the close of September with a massive breakout into the October open rallying more than 40% off the recent low- that advance has now extended into four-month highs.

Initial resistance is eyed at the 78.6% Fibonacci retracement of the April decline / May open at 57128/790- a breach / daily close above is needed to keep the immediate rally viable with such a scenario exposing subsequent resistance objectives at the upper parallel / yearly high-day close at 62986 and the record highs at 64895.

Bitcoin Price Chart – BTC/USD 240min

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

Notes: A closer look at Bitcoin price action shows BTC/USD trading within the confines of a proposed ascending pitchfork formation extending off the September lows. It’s not the cleanest setup but the slope has defined the inflections rather well on this advance. In any event, initial support now back at 51030 with near-term bullish invalidation now raised to the April lows at 47004.

Bottom line: The Bitcoin breakout is now approaching initial resistance targets – risk for inflection just higher into the median-line. From a trading standpoint, look to reduce long-exposure / raise protective stops on a stretch towards 57128- losses should be limited to the lower parallel / 47004 on pullbacks IF price is heading higher with a topside breach exposing targets into the record highs.

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