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
Bullish
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
Bearish
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • BoE's Vlieghe says the risk that negative rates end up being counterproductive to the aims of monetary policy is low, adds that the MPC must consider ways to increase policy headroom $GBP
  • BoE's Vlieghe says the MPC is not yet at a point where is can reach conclusion on negative rates, adds that QE is probably less potent now compared to March
  • Join @MartinSEssex 's #webinar at 6:30 AM ET/10:30 AM GMT to learn more about trading #sentiment Register here: https://t.co/XUUPRdY06p https://t.co/KgvlfpAhkj
  • What are some trading mistakes @nickcawley1 made during his career and what did he learn from them? Find out:https://t.co/y3cckNW22W https://t.co/oEvLjjWpGb
  • Heads Up:🇬🇧 BoE Vlieghe Speech due at 09:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-10-20
  • Join @PaulRobinsonFX 's #webinar at 5:30 AM ET/9:30 AM GMT for insight on London #FX and #CFD trading. Register here: https://t.co/AoM3UvLtcF https://t.co/KCHeNfayki
  • There are many different types of forex orders, which traders use to manage their trades. While these may vary between different brokers, there tends to be several basic FX order types all brokers accept. Learn about different FX order types here: https://t.co/lIJdiz4xSz https://t.co/q8nG7unK17
  • Just posted: a fascinating chat with my @DailyFX colleague @HathornSabin on #gold, $USD, $MXN and more https://t.co/vKdwKJZuEF
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.83%, while traders in EUR/USD are at opposite extremes with 67.62%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/sf61r9rewm
  • Gold Prices May Fall Further as US Fiscal Stimulus Hopes Fizzle - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2020/10/20/Gold-Prices-May-Fall-Further-as-US-Fiscal-Stimulus-Hopes-Fizzle.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #XAUUSD #gold #FiscalPolicy #stimulus https://t.co/fS6r9kPXPY
Bitcoin (BTC) Rally Continues; Consolidation Needed Before Next Push

Bitcoin (BTC) Rally Continues; Consolidation Needed Before Next Push

2019-06-21 10:00:00
Nick Cawley, Strategist
Share:

Bitcoin (BTC) Price Outlook, Chart and Analysis:

  • Bitcoin continues to move higher with sellers brushed aside.
  • Bitcoin dominance nears 2019 high, will altcoins play catch-up?

IG Client Sentiment Datashows how retail are positioned in a variety of cryptocurrencies. See how daily and weekly positioning can affect our trading bias. Bitcoin (BTC) trade data shows 79.3% of traders are net-long, a strong contrarian bearish signal. However, recent daily and weekly changes in sentiment give us a stronger bearish contrarian trading bias.

The five-month Bitcoin rally continues with prices back to levels seen 13-months ago as buyers continue to dominate the market. The daily chart shows just two red daily candles in the last 11 sessions in which the value of BTC has jumped more than $2,000. Bitcoin’s market dominance also continues to grow and is nearing a six-month high as market volume picks-up. This pick-up in market cap may lead to a wider market rally as investors look to diversify into other cryptocurrencies.

Bitcoin (BTC) Rally Continues; Consolidation Needed Before Next Push

A Guide to Day Trading Bitcoin and Other Cryptocurrencies.

Bitcoin currently trades around $9,725 with initial resistance pegged at $9,957, the May 2018 swing-high, ahead of the psychological $10,000 that offers little technical resistance but may be a level for short-term traders. Above here, and the chart remains positive, there is little in the way before $11,671 and $11,968. To reach these levels Bitcoin will need a period of consolidation and may well see a short-term sell-off to shake out loose holders. While this is by no means certain, traders need to be wary, especially ahead of the weekend.

Bitcoin (BTC) Daily Price Chart (January 2018 – June 21, 2019)

Bitcoin (BTC) Rally Continues; Consolidation Needed Before Next Push

Bitcoin (BTC) Price Surge, Facebook Cryptocurrency Mooted

Bitcoin Price Probing a 13-Month High

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on Bitcoin (BTC) – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.

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

DISCLOSURES