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
Bullish
Wall Street
Mixed
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • #USD, #GBP, #EUR Volatility Ahead of Cross-Continental Geopolitical Risks 🌎 https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2020/09/21/USD-GBP-EUR-Volatility-Ahead-of-Cross-Continental-Geopolitical-Risks.html
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/UalZ8cRSXB https://t.co/YqhzoZ7Iy2
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.06%, while traders in NZD/USD are at opposite extremes with 71.15%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/HBqqTapm9J
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.38% 🇬🇧GBP: 0.33% 🇨🇦CAD: 0.25% 🇯🇵JPY: 0.25% 🇨🇭CHF: 0.19% 🇳🇿NZD: 0.19% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/JH55ljBb9H
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: US 500: 0.10% Wall Street: 0.02% France 40: -0.33% Germany 30: -0.36% FTSE 100: -0.63% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/8yRTPMzD0b
  • The #AustralianDollar may continue to outperform its haven-associated counterparts after breaking above key chart resistance. $AUDUSD, $AUDJPY, $AUDCHF levels to watch. $AUD https://www.dailyfx.com/forex/technical/home/analysis/aud-usd/2020/09/21/Australian-Dollar-Time-Cycle-AUDUSD-AUDJPY-AUDCHF-Key-Levels.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr https://t.co/wfa6HxnANh
  • HSBC share price tumbled 3.2% after Chinese media agency Global Times reported that Beijing is considering putting HSBC into its Unreliable Entity List (UEL). Hang Seng Index fell 0.7% in early Asia trading hours. https://t.co/zrUCkWmH1w
  • Join @ZabelinDimitri 's #webinar at 11:30 PM ET/3:30 AM GMT to find out how geopolitical risk will affect the markets in the week ahead. Register here: https://t.co/hsULxMNOtM https://t.co/Dx6UMk2g1c
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Silver: 0.53% Oil - US Crude: 0.35% Gold: 0.17% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/BjCmKqaBM8
  • The two-day closure of the Japanese markets suggests that liquidity in both equity and forex could be thin, rendering #USDJPY and #Nikkei225 futures susceptible to large swings, should there be surprising news. Read more here: https://www.dailyfx.com/forex/market_alert/2020/09/21/Nasdaq-100-to-Test-100-Day-SMA--Hang-Seng-and-ASX-200-May-Open-Flat.html https://t.co/5fTJl1ytSe
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