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Daily Financial Market News

Thu, 21 Sep 2017 17:26:00 GMT

Bitcoin Prices Under Pressure- Time to Buy?

Bitcoin Prices Under Pressure- Time to Buy? Menu    Search DailyFX Home   Rates   Charts Market News        Real-Time News Daily Briefings Forecast Market Alerts DailyFX Authors Articles Technical Analysis        Analyst Picks Support & Resistance Daily Technical Reports Pivot Points Sentiment Articles Algorithmic Trading Calendars        Economic Calendar Webinar Calendar Central Bank Rates Dividend Calendar Education Beginner Intermediate Advanced Expert Free Trading Guides DAILYFX PLUS Toggle navigation News News   Market News Real-Time News Daily Briefings Forecast Market Alerts DailyFX Authors Articles Market News Headlines Strong Canada Consumer Price Index (CPI) to Cap USD/CAD Rebound Bitcoin Prices Under Pressure- Time to Buy? AUD/USD Range Snaps Following FOMC; RBA Tames Bets for 2017 Rate Hike Technical  Analysis Analysis   Technical Analysis Analyst Picks Support & Resistance Daily Technical Reports Pivot Points Sentiment Articles Algorithmic Trading Technical Analysis Headlines Japanese Yen Technical Analysis: Year’s Lows Creep Back Into Focus GBP/USD Approaches Important Long Term Price Zone S&P 500 Bulls Undeterred by Hawkish Fed; Eyes on Slope Resistance Calendars Calendar   Economic Calendar Webinars Calendar Central Bank Rates Dividend Calendar Forex Economic Calendar Time Event Actual Forecast Rates   Charts   Education Edu   Education Beginner Intermediate Advanced Expert Free Trading Guides DAILYFX PLUS DFX+    Search × Get the best parts of DailyFX.com in the new DailyFX App Download × Join Us For Our Free Webinars Get daily market analysis from our in-house experts Choose from more than 25 webinars each week Put your questions to our experts in real-time Q&As Register now Want to hold off on improving your trading? Click here to dismiss. × Get Your Free Trading Guides With your broad range of free expert guides, you'll explore: The basics of forex trading and how to develop your startegy Foundational knowledge to help you develop an edge in the market What's ahead for major FX pairs, Gold, Oil and more Download a Free Guide Want to hold off on improving your trading? Click here to dismiss. EUR/USD EUR/USD Low ------ High ------ View More Note: Low and High figures are for the trading day. News Post FOMC, BoJ Price Action Setups (Sept. 21, 2017) EUR/USD Steady as Draghi Avoids Mention of Monetary Policy FOMC-Fueled USD Runs into Resistance: GBP/USD, EUR/USD Primed GBP/USD GBP/USD Low ------ High ------ View More Note: Low and High figures are for the trading day. News GBP Coiled Ahead of Make-or-Break Brexit Speech SPX Wavers but Holds, VIX Below 10, Pound Ready for Volatility It’s Prime Minister May’s Turn to Charge or Sink GBP/USD USD/JPY USD/JPY Low ------ High ------ View More Note: Low and High figures are for the trading day. News Japanese Yen Technical Analysis: Year’s Lows Creep Back Into Focus USD/JPY Trend: Is This a Long Term Bottom? Post FOMC, BoJ Price Action Setups (Sept. 21, 2017) Gold Gold Low ------ High ------ View More Note: Low and High figures are for the trading day. News DailyFX Morning Digest: US Dollar Getting Much Needed Lift from FOMC US Dollar Bottoming Process May Finally Be Starting Crude Oil Price Hit 4-Month High, Gold Drops on FOMC Outcome Oil Oil Low ------ High ------ View More Note: Low and High figures are for the trading day. News Crude Oil Price Hit 4-Month High, Gold Drops on FOMC Outcome Gold Price Drop May Resume on Steady FOMC Policy Outlook Crude Oil Prices Remain Bid as Iraq Hints at More OPEC Measures BITCOIN BITCOIN Low ------ High ------ View More Note: Low and High figures are for the trading day. News Bitcoin Prices Under Pressure- Time to Buy? Near-term Setups in EUR/USD, Bitcoin & Ethereum Pound Surges, Bitcoin Plummets Ahead of Pivotal FOMC Meeting View More   More Real-Time News Facebook Twitter Youtube Google + Bitcoin Prices Under Pressure- Time to Buy? by  Michael Boutros, Currency Strategist  Short term trading and intraday technical levels Connect via: To receive Michael’s analysis directly via email, please SIGN UP HERE Bitcoin prices slide below near-term support- Decline to offer favorable long-entries Check out our quarterly projections in our Free DailyFX Trading Forecasts Join Michael for Live Weekly Strategy Webinar s on Mondays at 12:30GMT BTC/USD Daily Chart Technical Outlook: Last week we noted a break below the monthly opening-range lows in Bitcoin prices with the decline eyeing support targets at “the 50% retracement at 3404 with a more significant support confluence eyed at 3023/97 - this region is defined by a host of Fibonacci considerations and converges on the lower parallels heading into next week.” A low was registered at 2972 before rebounding sharply back into the median-line of the broader ascending pitchfork formation . From here things could get a little dicey and while there’s probably more room on the downside here near-term, the outlook remains constructive while within this formation with broader bullish invalidation now raised to the lower parallel / 100DMA at ~ 3270 s. Key near-term resistance now at 421 3 with a breach above the record high-day close at 4600 needed to mark resumption. New to Forex? Get started with this Free Beginners Guide BTC/USD 2 4 0min Notes: A closer look at price action highlights Bitcoin continuing to trading within the confines of a near-term descending median-line formation off the monthly high with prices slipping back below the median-line today in New York. Immediate threat is lower sub- 4001 with near-term support targets eyed at 3561 & the 61.8% retracement at 3410 - (both areas of interest for possible exhaustion / long-entries). A breach above 4213 would shift the focus towards initial resistance targets at 4363 and the upper median-line parallel, currently ~ 4580 s. Bottom line: If you’re not already short, I’d be looking for a reaction lower down for possible long-entries. If you are holding shorts, I’d be looking to book a portion / lower protective stops heading into the aforementioned support targets. Join Michael on Friday for his bi-weekly Live Webinar on the Foundations of Technical Analysis- Register for Free Here! A summary of IG Client Sentiment shows traders are net-long BTCUSD- the ratio stands at +1.78 (64.0% of traders are long) – bearish reading Long positions are 5.1% lower than yesterday and 5.3% lower from last week Short positions are 2.4% lower than yesterday and 15.2% higher from last week. We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Bitcoin (USD) prices may continue to fall. Yet traders are less net-long than yesterday and compared with last week. Recent changes in sentiment warn that the current Bitcoin (USD) price trend may soon reverse higher despite the fact traders remain net-long. See how shifts in r etail positioning impact price trends - Click here to learn more about sentiment! --- Relevant Data Releases Check out this week’s DailyFX Webinar Schedule Other Setups in Play NZD/USD Testing Key Resistance Barrier Ahead of FOMC, New Zealand GDP GBP/JPY Breakout Approaching Initial Resistance Hurdles FX Markets Gear Up for FOMC; USD Hangs by a Thread Ethereum Prices Search for Support as Adoption Doubts Intensify - Written by Michael Boutros, Currency Strategist with DailyFX Follow Michael on Twitter @MBForex or contact him at mboutros@dailyfx.com . DailyFX provides forex news and technical analysis on the trends that influence the global currency markets. DISCLOSURES Related Articles Previous Articles From scalping report Related Prev Articles   Strong Canada Consumer Price Index (CPI) to Cap USD/CAD Rebound   AUD/USD Range Snaps Following FOMC; RBA Tames Bets for 2017 Rate Hike   FOMC-Fueled USD Runs into Resistance: GBP/USD, EUR/USD Primed   US Dollar Bottoming Process May Finally Be Starting   Crude Oil Price Hit 4-Month High, Gold Drops on FOMC Outcome   NZD/USD Testing Key Resistance Barrier Ahead of FOMC, New Zealand GDP   GBP/JPY Breakout Approaching Initial Resistance Hurdles   Bitcoin Prices Continue to Bleed- Levels to Know as Crypto Collapses   Ethereum Prices Search for Support as Adoption Doubts Intensify   EUR/USD: Battle Lines Drawn Advertisement Upcoming Events Economic Event Importance Actual - Forecast - Previous Importance Actual - Forecast - Previous Forex Economic Calendar A:  Actual   F:  Forecast     P:  Previous

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