Tag: BTC/USD

Daily F.X. Analysis, February 04 – Risk on Sentiment In play! 

On the forex front, the U.S. Dollar Index bounced 0.4% on the day to 97.81, lifted by stronger-than-expected manufacturing data. On Tuesday, the Research firm Markit will publish January U.K. Construction PMI (47.1 expected). The European Commission will report the eurozone’s December PPI (-0.7% on year expected). The U.S. Commerce Department will post December factory orders (+1.2% on month expected) Economic Calendar      BTC/USD – Daily Analysis  The BTC/USD price failed to stay over the $9,500 resistance and declined recently versus the greenback. The BTC is likely to find support, and it might bounce back from $9,150, or it might sink heavily in case of a bearish breakout.  The BTC/USD bulls are striving hard to preserve the key $9,200 and $9,150 support marks versus the greenback. The price settles at the risk of an explicit drop if there is a breach under $9,150.  There is a downward channel being formed with resistance around $9,320 on the hourly timeframe of the BTC/USD pair. The buyers need to attain momentum over $9,500 to avoid a collapse below $9,150 BTC/USD – Daily Technical Levels Support    Resistance  9,193.74        9,381.66 9,113.97         9,489.81 8,926.05       9,677.73 Pivot Point 9,301.89 BTC/USD – Daily Forecast The technical side of the BTC/USD mostly the same as it continues to face resistance around the 9,575 area. On the daily timeframe, the BTC/USD has formed a bearish candle followed by a tweezers top pattern, which is very likely to drive bearish retracement

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Daily F.X. Analysis, February 03 – Manufacturing PMI under the Spotlight! 

On the forex front, the U.S. Dollar Index slid 0.5% on the day to a two-week low of 97.36. January Markit U.S. Manufacturing Purchasing Managers Index (PMI, final reading, 51.7 expected), Institute for Supply Management’s Manufacturing PMI (48.4 expected), construction spending (+0.5% on month expected), and total vehicle sales (16.8 million units expected) will be reported. Economic Calendar      BTC/USD – Daily Analysis  The BTC/USD price surged over the $9,550 resistance to revoke a key head and shoulders pattern versus the U.S. Dollar. It appears like BTC is ready for a massive rally over $10K.  The BTC/USD bears disappointed to drive the price under the main $9,150 support versus the U.S. Dollar. The buyers augmented control, ending in a new high over $9,500. There is an upward bullish trend line along with support around $9,280 on the hourly timeframe of the BTC/USD pair. On the upper side, the $9,500 and $9,580 marks endure the key for the next major rally. BTC/USD – Daily Technical Levels Support    Resistance  9,251.21     9,484.97 9,109.07    9,576.59 8,875.31    9,810.35 Pivot Point 9,342.83 BTC/USD – Daily Forecast The BTC/USD has traded mostly in line with our forecast and continues to face resistance around the 9,575 area. In the daily timeframe, the BTC/USD has formed a tweezers top pattern on the daily timeframe, which is very likely to drive bearish retracement until 9,130. Whereas, the resistance stays around 9,545. The choppy session can be seen in BTC/USD today in between 9,575 – 9,235.

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Daily F.X. Analysis, January 31 – Canadian GDP Under the Spotlight! 

On the forex front, the ICE U.S. Dollar Index dropped 0.2% on the day to 97.86. The European Commission will report 4Q GDP growth (+1.1% on-year expected) and January CPI (+1.4% on-year expected). The German Federal Statistical Office will release December retail sales (-0.5% on month expected). Whereas, France’s INSEE will post 4Q GDP growth (+1.2% on-year expected) and January CPI (+1.5% on-year expected). Economic Calendar        BTC/USD – Daily Analysis  The BTC/USD price is stuck below the significant resistance level of $9,500 and prominent support at $9,250. The BTC/USD is still in jeopardy of tearing down to $8,000, particularly with the development of a mounting wedge pattern.  The BTC/USD is stuck between two key areas; the obstinate resistance at $9,500 and the major support newly established at $9,250. The leading cryptocurrency in the world is consolidating 0.53% lower towards the end of the Asian session on Friday.  This week’s trading has been mainly bullish aside from Wednesday’s correction from levels over $9,400 to examine another critical support at $9,200. BTC/USD – Daily Technical Levels Support     Resistance  9,320.11       9,675.53 9,085.42     9,796.26 8,730         10,151.68 Pivot Point 9,440.84 BTC/USD – Daily Forecast The BTC/USD has closed three white soldiers’ patterns on the daily timeframe, which are supporting the bullish bias in the pair. However, the pair seems to find resistance at 9,575. It’s a double top pattern now and may drive slight bearish movement in the BTC/USD pair until 23.6% Fibonacci retracement level

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Daily F.X. Analysis, January 30 – BOE Monetary Policy Decision in Highlights! 

On the forex front, the U.S. Dollar Index edged up 0.1% on the day to 98.06, as the Fed kept its monetary policy stance unchanged against the backdrop of uncertainty. The European Central Bank will post the January Economic Confidence Index (101.8 expected) and final readings of the Consumer Confidence Index (-8.1 previously). The German Federal Statistical Office will release January CPI (+1.7% on-year expected) and jobless rate (steady at 5.0% expected). Economic Calendar – BOE Monetary Policy Decision in Highlights   BTC/USD – Daily Analysis  The BTC/USD traded slightly lower but lingered over the $9,150 support versus the U.S. Dollar. The Bitcoin bears need to push the price below $9,150, or the price could rally above $9,500. The Bitcoin price is trading a crucial support region around the $9,150 level versus the U.S. Dollar. The current technical structure over $9,000 implies the price is planning for the next breakout setup. BTC/USD – Daily Technical Levels Support     Resistance  9,247.68       9,445.4 9,139.68       9,535.12 8,941.96       9,732.84 Pivot Point 9,337.4 BTC/USD – Daily Forecast The prices of bitcoin haven’t changed much so far as it continues to trade around 9,308 level. The BTC/USD may find strong support at 9,244 today, and this level can keep the BTC/USD prices bullish.  On the higher side, the pair may find next resistance around 9,507, and violation of this can also open further room for buying until 9,775. Whereas, a bearish breakout of 9,244 support can lead BTC/USD prices towards

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Daily F.X. Analysis, January 29 – FED Monetary Policy Decision on Ducket! 

The U.S. dollar was little changed despite stronger-than-expected U.S. economic data, as investors awaited the Fed’s interest-rate decision. The Dollar Index marked a day-high of 98.15 before easing back to close at 97.97, broadly unchanged from the prior session. The U.S. Federal Reserve will announce its interest-rate decision (expected to be unchanged at 1.50% – 1.75%). Economic Calendar – FED Monetary Policy Decision on Ducket     BTC/USD – Daily Analysis  On Wednesday, the BTC/USD prices soared to break $9,400 resistance for the very first time in the year 2020. The tug of war among the buyers and the sellers gets momentum, adding a choppy session under $9,400 mark. Lately, the BTC/USD price has exhibited bullish correction from $9,397 (opening value) on Wednesday to $9,431, which marks the daily high. The bullish strength emanates from the brief surge during the American session on Tuesday. For now, Bitcoin has a market value of $9,332, following an indirect 0.50% loss on the day. The BTC/USD’s bullish trend continues as the leading pair dip to 8,800 support zone ahead of surge until 9,380 level. Although the leading cryptocurrency is in the overbought territory, the latest candlesticks are suggesting chances of bullish trend continuation.  BTC/USD – Daily Technical Levels Support      Resistance  8,895.92      9,183.66 8,749.93      9,325.41 8,462.19      9,613.15 Pivot Point 9,037.67 BTC/USD – Daily Forecast In the daily timeframe, the BTC/USD has formed three white soldiers pattern, which supports the bullish trend in the BTC/USD. On the higher

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Daily F.X. Analysis, January 28 – CB Consumer Confidence In Highlights! 

On the forex front, the U.S. Dollar Index edged up 0.1% on the day to 97.94. In the U.K., the Confederation of British Industry will post January retail sales index (4 expected). The U.S. Commerce Department will release December durable goods orders (+0.4% on month expected). The Conference Board will publish January Consumer Confidence Index (128.0 expected). SP/Case-Shiller will report the 20-City Composite Home Price Index for November (+0.4% on month expected). The Richmond Federal Reserve will release its Manufacturing Index for January (-3 expected). Economic Calendar – CB Consumer Confidence    BTC/USD – Daily Analysis  The Bitcoin has enhanced the support over $9,000 after breaking through the resistances we mentioned yesterday at $8,700 and $8,800. Bitcoin buyers anticipate concluding the month of January not just in the assertive but also with a bullish bias. The BTC/USD is entering the $9,081 zone, following an impressive 2% growth in value on the day. The prevailing strong bullish trend is driving off the last of the bears in preparation for the next bull-run to $10,000. BTC/USD – Daily Technical Levels Support      Resistance  8,676.62      9,100.06 8,408.25     9,255.13 7,984.81      9,678.57 Pivot Point 8,831.69 BTC/USD – Daily Forecast The BTC/USD is trading with a bullish bias, having tested the major resistance area of 9,125. For now, the BTC/USD is in the overbought zone, and it may drive slight bearish retracement. The BTC/USD may dip until the 8,800 area today.   EUR/USD – Eyes on Manufacturing PMI Figures  The

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Daily F.X. Analysis, January 27 – German Ifo Business Climate In Highlights! 

On the forex front, the U.S. Dollar Index gained 0.2% on the day to 97.85. The Japanese yen strengthened for a four straight session, as the spread of the deadly coronavirus weighed on market sentiment. USD/JPY dipped 0.2% to 109.28. Later today, December U.S. new home sales will be reported (up to an annualized rate of 731,000 units expected). European stocks rebounded, with the Stoxx Europe 600 Index gaining 0.9%. Germany’s DAX rose 1.4%, the U.K.’s FTSE 100 added 1.0%, and France’s CAC was up 0.9%. Economic Calendar – German Ifo Business Climate Ahead   BTC/USD – Daily Analysis  As the weekly close surrounded, the BTC/USD price reached above $8,500 after using the previous day trading in the $8,200 to $8,300 limit. At the time of writing, bulls are trying to drive through the $8,500 to $8,650 resistance zone to inch near a daily lower high at $8,800. On the 6-hour timeframe, the MACD (moving average convergence divergence) has exhibited a bull crossover, and the histogram has shifted into the positive, bestowing a sharp uptick in momentum.  In case, the BTC/USD prices can develop above $8,650 and cross above $8,800 from resistance; the exchange rate could surge to $9,100, which follows up with the top arm of the Bollinger Band tool. BTC/USD – Daily Technical Levels Support Resistance  8177.32      8464.35 8055.53     8629.59 7768.5        8916.62 Pivot Point 8342.56 BTC/USD – Daily Forecast The BTC/USD is trading with a bullish bias above a strong support level

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Daily F.X. Analysis, January 24 – Manufacturing PMI Figures In Focus! 

On the forex front, the U.S. Dollar Index slipped 0.1% on the day to 97.50. The EUR/USD gained 0.1% to 1.1095. The European Central Bank is expected to keep its monetary policy unchanged (deposit facility rate at -0.50% expected).  Besides, the U.S. government bonds were steady, as the benchmark U.S. 10-year Treasury yield settled unchanged at 1.768%. The House Price Index for November declined to 0.2% from the expectations of 0.3% and weighed on the U.S. dollar. Let’s monitor the ka Economic Calendar – Manufacturing PMI Figures In Focus     BTC/USD – Daily Analysis  The BTC/USD has stayed with a bearish since the week began. Losses after losses have been incurred where the bearish influence has pushed its way thought crucial several support zones, including $8,800, $8,500 and $8,450.  The BTC/USD is trading at $8,304 after continuing the decline below Thursday’s support, nearly $8,450. Looking back at the trend last week, Bitcoin surged from levels around $7,700 to highs close to $9,200.  BTC/USD – Daily Technical Levels Support    Resistance  8,544.55      8,761.56 8,450.08     8,884.1 8,233.07     9,101.11 Pivot Point 8,667.09 BTC/USD – Daily Forecast Bitcoin traded in line with our expectations as the bearish bias lead its prices toward an 8,294 level. The leading crypto pair is now facing strong resistance around 8,438, while support prevails around 8,270. A bearish breakout of this level can also extend the selling trend until 8,125, which marks resistance to become a support level. The 20 and 50 periods of

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Daily F.X. Analysis, January 23 – ECB Monetary Policy In Focus! 

On the forex front, the U.S. Dollar Index slipped 0.1% on the day to 97.50. The EUR/USD gained 0.1% to 1.1095. The European Central Bank is expected to keep its monetary policy unchanged (deposit facility rate at -0.50% expected).  Besides, the U.S. government bonds were steady, as the benchmark U.S. 10-year Treasury yield settled unchanged at 1.768%. The House Price Index for November declined to 0.2% from the expectations of 0.3% and weighed on the US dollar. Let’s monitor the ka Economic Calendar – ECB Monetary Policy In Focus   BTC/USD – Daily Analysis  On Thursday, Bitcoin stays over $8,500 after the support at $8,600 gave in to the selling price action. The bearish revision could be a reflex action to create a new demand for BTC in a bid to push towards $9,200.   Bitcoin is likely to sink deep towards $8,400 (possible support). The leading technical indicator, the Relative Strength Index, has entered into the oversold region flags that selling is at its height.  In the case of both $8,500 and $8,400 grant to the selling pressure, Bitcoin will gain added support at $8,250 and $8,000, respectively. BTC/USD – Daily Technical Levels Support    Resistance  8,544.55     8,761.56 8,450.08    8,884.1 8,233.07     9,101.11 Pivot Point 8,667.09 BTC/USD – Daily Forecast The BTC/USD is trading slightly bearish today at 8,555 with immediate support around 8,530. Violation of this candle can drive the selling trend until 8,465, while the resistance stays around 8,650 today. Overall, the BTC/USD is exhibiting sideways

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Daily F.X. Analysis, January 22 – Canadian Rate Decision In Focus! 

The U.S. Dollar Index stayed range-bound on Tuesday, closing flat on the day at 97.61. German ZEW Indicator of Economic Sentiment climbed 16 points to 26.7 in January to place the highest mark since July 2015. The ZEW data confirmed the economy hit the lowest point in the last quarter of 2019 and is witnessing a rebound.  Later today, U.S. existing homes sales are anticipated to increase to an annualized rate of 5.43 million units in December. The U.S. government bonds were in demand, as the benchmark U.S. 10-year Treasury yield sank to 1.768%, its lowest level since December 3, from 1.834% last Friday. Economic Calendar – U.K. Labor Canadian Rate Decision In Focus   BTC/USD – Daily Analysis  On Wednesday, the BTC/USD has seen some volatility following a dip of as low as $8,400 before swiftly rising towards $8,800. This dip and consequent growth validate the massive volume of support that endures right below BTC’s current trading level, and it can bolster Bitcoin’s demand. The BTC/USD survived to close over 8,654. The leading crypto pair is consolidating above 8,640, with next support around 8,600 and resistance at 8,730. On the higher side, 8,845 is a key beneath which the BTC/USD is expected to keep the bearish momentum. BTC/USD – Daily Technical Levels Support      Resistance  8,549.34      8,831.08 8,377.32      8,940.8 8,095.58     9,222.54 Pivot Point 8,659.06 BTC/USD – Daily Forecast The BTC/USD has violated the double top resistance level of 8680, which is now likely

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