Bitcoin Tech Analysis – Recap and Mid-Morning Review – 08/09/19

Bitcoin found much-needed support on Saturday, bringing to an end a run of 3 consecutive days in the red.

Rising by 1.73% on Saturday, Bitcoin partially reversed a 2.59% slide from Friday, to end the day at $10,489.

A relatively bullish day saw Bitcoin rise from a start of a day intraday low $10,306 to a late afternoon intraday high $10,582.

Moving through relatively tight ranges, Bitcoin left the major support and resistance levels untested.

Through the latter part of the day, resistance at $10,500 limited Bitcoin’s upside on the day.  Bitcoin’s failure to break out from $10,500 left Bitcoin at sub-$10,500 levels at the day end.

In spite of seeing red for 3 consecutive days ahead of the weekend, it’s been a bullish start to the month, with Bitcoin was up by 9.06% to the end of Saturday. Outgunning all but Monero’s XMR from the top 10, Bitcoin’s dominance held onto 70% levels.

For the bulls, the extended bullish trend, formed at 15th December’s swing lo $3,215.2, remained firmly intact. Early September’s break back through the 38.2% FIB of $9,734 and continued to hold well above the 60.2% FIB of $7,245 reaffirmed the bullish trend.

This Morning

At the time of writing, Bitcoin was up by 0.73% to $10,565.2. A bullish start to the day saw Bitcoin move from an early morning low $10,490 to mid-morning high $10,599 before easing back.

Bitcoin left the major support and resistance levels untested, with resistance at $10,600 pinning Bitcoin back early on.

BTC/USD 08/09/19 Daily Chart

For the Day Ahead

A move back through the morning high $10,599 to $10,600 levels would bring the first major resistance level at $10,612 into play.

Bitcoin would need the support of the broader market, however, to break out from this morning’s high $10,599.

Barring an extended broad-based crypto rally, Bitcoin would likely come up short of the second major resistance level at $10,735.

In the event of a breakout, Bitcoin could revisit Friday’s day high $10,933 before any pullback.

Failure to move back through the morning low could pressure Bitcoin later in the day.

A fall back through the morning low $10,490 to $10,450 levels would bring the first major support level at $10,336 into play.

Barring a broad-based crypto reversal, Bitcoin should steer clear of sub-$10,300 levels and Friday’s low $10,208.

Looking at the Technical Indicators

Major Support Level: $10,336

Major Resistance Level: $10,612

23.6% FIB Retracement Level: $11,275

38.2% FIB Retracement Level: $9,734

62% FIB Retracement Level: $7,245

Visit the easyMarkets website

The article was written by Bharat Gohri, Chief Market Analyst at easyMarkets

Bitcoin Tech Analysis – Recap and Mid-Morning Review – 05/09/19

Bitcoin saw its first September day in the red on Wednesday, falling by 0.48%. Partially reversing a 2.93% gain from Tuesday, Bitcoin ended the day at $10,590.

Through the first half of the day, Bitcoin fell from an early morning high $10,669 to an early afternoon intraday low $10,410.

Steering well clear of the first major support level at $10,366, Bitcoin rallied to a late intraday high $10,849.

Finding the support of the broader market, Bitcoin came up against the first major resistance level at $10,841 ahead of a late pullback.

The late pullback saw Bitcoin fall back through the first major resistance level and into the red for the day.

In spite of the minor loss on the day, a bullish start to the month left Bitcoin up by 10.11% to the end of Wednesday. Outgunning the rest of the pack, Bitcoin’s dominance rose to 70.8%.

The extended bullish trend, formed on 15th December’s swing lo $3,215.2, remained firmly intact. September’s break through the 38.2% FIB of $9,734 and continued to hold well above the 60.2% FIB of $7,245 reaffirmed the bullish trend.

This Morning

At the time of writing, Bitcoin was down by 0.25% to $10,563. A mixed start to the day saw Bitcoin slide to an early morning low $10,517 before finding support.

Steering well clear of the first major support level at $10,383.67, Bitcoin struck a mid-morning high $10,647 before falling back into the red.

Bitcoin fell well short of the first major resistance level at $10,822.67 in the early part of the day.

BTC/USD 05/09/19 Daily Chart

For the Day Ahead

A move back through to $10,620 levels would support another run at the first major resistance level at $10,822.67.

Bitcoin would need the support of the broader market, however, to break out from $10,600 levels.

Barring a broad-based crypto rebound, Bitcoin would likely continue to fall short of the major resistance levels and Wednesday’s high $10,849.

Failure to move back through to $10,620 levels could see Bitcoin slide back into the deep red.

A fall through the morning low $10,517 to $10,470 levels would bring the first major support level at $10,383.67 into play.

Barring a crypto meltdown, however, we would expect Bitcoin to steer clear of the second major support level at $10,177.33.

For the Bitcoin bulls and the broader market, a hold onto $10,500 levels is key through the morning.

Looking at the Technical Indicators

Major Support Level: $10,383.67

Major Resistance Level: $10,822.67

23.6% FIB Retracement Level: $11,275

38.2% FIB Retracement Level: $9,734

62% FIB Retracement Level: $7,245

Get Into Cryptocurrency Trading Today with easymarkets.com

The article was written by Bharat Gohri, Chief Market Analyst at easyMarkets

Bitcoin Tech Analysis – Recap and Mid-Day Review – 03/09/19

Bitcoin made its move on Monday. A 6.23% rally, following on from a 1.68% rise on Sunday, saw Bitcoin end the day at $10,388.

Through the early morning, it was tight ranges for Bitcoin. Bitcoin eased back to an early morning low $9,754.6 before finding support.

Holding well above the first major support level at $9,600.07 and 38.2% FIB of $9,734, Bitcoin rallied to a late intraday high $10,474.

Bitcoin broke through the day’s major resistance levels on a 1st return to $10,000 levels since 28th August.

In spite of a late pullback, Bitcoin held above the third major resistance level at $10,047.03 at the day end.

The extended bullish trend, formed at 15th December’s swing lo $3,215.2, remained firmly intact. In spite of a pullback from a June swing hi $13,764, Bitcoin continued to steer well clear of the 60.2% FIB of $7,245.

Of greater significance was a rebound through the 38.2% FIB of $9,734 and reversal of August’s losses.

This Morning

At the time of writing, Bitcoin was up by 0.13% to $10,401. A mixed start to the day saw Bitcoin fall to an early morning low $10,328 before finding support. Steering clear of the first major support level at $9,937, Bitcoin struck an early morning high $10,500.

Falling short of the first major resistance level at $10,656.47, Bitcoin eased back to sub-$10,400 levels before finding support.

BTC/USD 03/09/19 Daily Chart

For the Day Ahead

A move back through the morning high $10,500 would support another run at the first major resistance level at $10,656.47.

Bitcoin would need the support of the broader market, however, to break out from current levels.

Barring a broad-based crypto rally, Monday’s high $10,474 and this morning’s high $10,500 would likely cap any upside.

Failure to move back through to $10,500 levels could see Bitcoin slide back into the red. A fall through the morning low $10,328 to sub-$10,200 levels would bring the first major support level at $9,937.07 into play.

Barring a broad-based crypto sell-off, however, we would expect Bitcoin to steer clear of sub-$10,200 levels on the day.

In the event of a crypto meltdown, the first major support level at $9,937 would likely limit any downside.

Looking at the Technical Indicators

Major Support Level: $9,937.07

Major Resistance Level: $10,656.47

23.6% FIB Retracement Level: $11,275

38.2% FIB Retracement Level: $9,734

62% FIB Retracement Level: $7,245

Visit website and Start Trading Today

The article was written by Bharat Gohri, Chief Market Analyst at easyMarkets

Forex Daily Recap – Fiber Drenched in Red over Downbeat Eurozone CPI

EUR/USD

After making a downside rebound price action on testing the center line of the Bollinger Bands on August 26, the pair continued to slip even today. Quite noticeably, the mouth of the south-side heading Bollinger Bands was getting wider over time, signifying high volatility. Fiber has fallen on Friday mainly on the back of adverse EUR-specific economic data releases.

EURUSD 1 Day 30 August 2019 with Bollinger Bands, RSI, and ADX
EURUSD 1 Day 30 August 2019

Although the Eurozone July Unemployment rate remained in-line with the previous statistics, the Eurozone August YoY CPI – Core missed estimates. Meantime, the highly crucial Italian QoQ GDP Growth rate reported 0.1% lower than the previous data. Earlier today, German July MoM Retail Sales published -2.2% over -1.0% forecasts.

Nonetheless, the Average Directional Index (ADX) was indicating below 20 mark, revealing a lack of momentum in the downward price actions.

USD/JPY

Yesterday, the USD/JPY bulls had already crossed above the center line and entered into the upper vicinity of the Bollinger Bands. Anyhow, the pair appeared to shed significant accumulated gains today on the back of upbeat Japanese data releases. Despite losing ground, the USD/JPY pair continued to sustain above the center line, keeping intact uptrend possibilities.

USDJPY 1 Day 30 August 2019 with Bollinger Bands, RSI, and ADX
USDJPY 1 Day 30 August 2019

At around 05:00 GMT, the Japanese Unemployment Rate recorded 0.1% lower this time over the previous 2.3%. Also, the Industrial Production data (both YoY and MoM) reported positive figures in comparison to the previously recorded negative statistics. Laterwards, the YoY Housing Starts came around -4.1% over the last -5.4%.

USD/KRW

South Korea’s central bank skipped a rate cut this time in order to save firepower for the next meeting. Notably, the Bank of Korea (BOK) had lowered the interest rates in the last July meeting. Anyhow, this time, the BOK policymakers voted to keep the interest rates unchanged near 1.5% the same as the previous rates.

“I expect a cut at the October meeting as domestic demand remains weak and as we need to confirm a sustained recovery in exports, especially semiconductor exports that kicked off the country’s economic downturn,” said Oh Suk-tae, an economist at Societe Generale in Seoul.

USDKRW 1 Day 30 August 2019 with Gann Fans, SMA, RSI and ADX
USDKRW 1 Day 30 August 2019

On the technical side, the USD/KRW pair has slightly moved out of the track, deviating below the 2:1 Gann line. And, the Relative Strength Index (RSI) was hovering near 50 mark, showing neutral buyer interest. However, even if the pair had made further downside moves, then the significant underlying SMAs would have got activated.

USD/CAD

As per the predictions in our USD/CAD Daily Forecast Article, the bulls continued to take control over the pair’s daily price actions. Today, the Canadian Q2 QoQ Annualized GDP recorded upbeat data, reporting 3.7% over 3.0% market hopes. However, the downbeat Canadian July MoM Industrial Product Price and Raw Material Price Index seemed to discourage the CAD bulls. While, on the USD-side, July PCE data stood in-line with the market expectations. In the interim, July Personal Spending rose by 0.3%, and Personal Income slumped by 0.4%, over the respective previous statistics.

USDCAD 1 Day 30 August 2019 with Ichimoku Clouds, ADX, and RSI
USDCAD 1 Day 30 August 2019

Nevertheless, after a small dip inside the underlying red Ichimoku Clouds, the pair ensured to stay above the Clouds. Somehow, the ADX technical indicator was pointing below 20 mark, allowing the price actions to stay range-bound throughout the day.

The article was written by Bharat Gohri, Chief Market Analyst at easyMarkets

USD/CAD Daily Forecast – Bears Buckle-up Ahead of US Q2 GDP

After skyrocketing from 1.3225 level on August 27, the USD/CAD pair had already crossed above the 1.3300 psychological mark yesterday. Notably, after marking the daily opening near 1.3306 handle, the pair was consolidating near 1.3364 level in the early hours. Somehow, the pair lost ground in the Asian session, dropping from 1.3315 level to 1.3286 level.

Key Economic Events

On Thursday, the US economic docket remains quite occupied with significant economic events. The market might pay special attention to US Q2 Annualized GDP, Jobless data reports, and Q2 QoQ Personal Consumption Expenditures (PCE) Prices. The street analysts expect the highly crucial US Q2 GDP data to record 0.1% below the 2.0% consensus estimate. Meantime, the market holds a bearish stance over the Jobless data reports. The consensus estimate the Continuing Jobless Claims computed since August 16 to record 1.680 million over the previous 1.674 million.

Later the day, July MoM Pending Home Sales data will come out. However, the market seems to stay highly bearish over these figures, forecasting 0.0% over the last 2.8%.

Interim, along with the USD-specific events, the Canadian Q2 Current Account would also come out at 12:30 GMT.

Needless to say, the calendar lacks significant EIA/API Crude data reports today, allowing the Oil traders to take a back seat.

Technical Analysis

1-Month Chart

On the monthly chart, the USD/CAD continued to stay within the upper region of the Bollinger Bands, keeping a strong uptrend intact.

USDCAD 1 Month 29 August 2019
USDCAD 1 Month 29 August 2019

Also, the ability to march upwards would immediately open up challenges on the overhead resistances stalled near 1.3697 and 1.4103 levels. Anyhow, if the pair dives below the center line of the Bollinger Bands, then that would trigger for a downtrend, encouraging the bears. Noticeably, on the southside, firm support handle remained stemmed near 1.2247 level. Nonetheless, another obvious worth noting was the southward heading Stochastic technical lines, revealing damping buyer interest.

1-Week Chart

Interestingly, the Loonie pair was struggling to close the week on a positive note, attempting to cross above the center line of the Bollinger Bands, provoking the bulls.

USDCAD 1 Week 29 August 2019
USDCAD 1 Week 29 August 2019

Anyhow, the pair was forming a rising wedge bearish trading pattern, signaling for a near-by trend reversal. The Relative Strength Index (RSI) was pointing near 50 mark, showing neutral market interest.

1-Day Chart

The USD/CAD pair appeared to have almost surpassed the red Ichimoku Clouds, providing extra ammunition to the bulls.

USDCAD 1 Day 29 August 2019
USDCAD 1 Day 29 August 2019

Even the base line and conversion line kept hovering below the pair, strengthening the near-term bullish stance. Nevertheless, the MACD line and the Signal line appeared to remain twisted, staying above the zero line of the MACD technical indicator. In the meanwhile, underlying Parabolic SAR ensured to provide additional bullish daily forecasts.

The article was written by Bharat Gohri, Chief Market Analyst at easyMarkets

Stellar’s Lumen – Recap and Mid-Morning Review – 25/08/19

Stellar’s Lumen Recap

Stellar’s Lumen bucked the trend on Saturday, rising by 0.56%. Following on from a 1.8% gain on Friday, Stellar’s Lumen ended the day at $0.070205.

A 3rd consecutive day in the green reduced the weekly deficit to just 0.48%.

It was a choppy start to the weekend for Stellar’s Lumen. A mid-morning high $0.069994 saw Stellar’s Lumen come within range of the first major resistance level at $0.0703 before hitting reverse.

The reversal saw Stellar’s Lumen slide to a late morning intraday low $0.067556. Stellar’s Lumen fell through the first major support level at $0.0684 to come within range of the second major support level at $0.0672.

On the rebound through the rest of the day, Stellar’s Lumen struck a late intraday high $0.070858 before easing back.

The rally saw Stellar’s Lumen break through and hold above the first major resistance level at $0.07030.

The extended bearish trend remained firmly intact. Stellar’s Lumen continued to fall short of the 23.6% FIB of $0.12220 following a pullback from $0.13 levels back in late June. Stellar’s Lumen fell to a new swing low $0.065751 on 22nd August.

A particularly bearish July and August saw Stellar’s Lumen slide further back from the 23.6% FIB. For the current month, Stellar’s Lumen was down by 16.1% to the end of Saturday. The slide comes off the back of a 19.3% tumble in July.

While the broader market has had a strong first 8-months of the year, it’s been particularly bearish for Stellar’s Lumen. Year-to-date, Stellar’s Lumen was down by 37.9% to the end of Saturday.

This Morning

At the time of writing, Stellar’s Lumen was up by 2.08% to $0.071712. A mixed start to the day saw Stellar’s Lumen slide to an early morning low $0.067756 before finding support.

Stellar’s Lumen fell through the first major support level at $0.06840 before rebounding to a mid-morning high $0.071712.

Stellar’s Lumen broke through the first major resistance level at $0.0715 on the rebound.

XLM/USD 25/08/19 Daily Chart

For the day ahead

Stellar’s Lumen would need to hold onto $0.0710 levels to support a breakout from the first major resistance level at $0.0715.

A morning breakthrough to $0.0718 levels would bring the second major resistance level at $0.07270 into play before any pullback.

We would expect Stellar’s Lumen to come up short of $0.0730 levels, however, in the event of an extended rally.

Failure to hold onto $0.0710 levels could see Stellar’s Lumen join the broader market in the red. A fall through to $0.06950 would bring the first major support level at $0.06840 into play before any recovery.

Stellar’s Lumen should steer well clear of the second major support level at $0.0665 in the event of a reversal.

Looking at the Technical Indicators

Major Support Level: $0.06840

Major Resistance Level: $0.07150

23.6% FIB Retracement Level: $0.1222

38% FIB Retracement Level: $0.1571

62% FIB Retracement Level: $0.2136

Get Into Cryptocurrency Trading Today

The article was written by Bharat Gohri, Chief Market Analyst at easyMarkets

EOS Tech Analysis – Recap and Mid-Day Review – 23/08/19

EOS rallied by 3.62% on Thursday. Partially reversing a 4.71% slide from Wednesday, EOS ended the day at $3.6440.

A choppy start to the day saw EOS rise to a morning high $3.5739 before sliding to an early morning intraday low $3.4575.

EOS left the major support and resistance levels untested in the early hours.

Finding support from the broader market, EOS rallied to a late afternoon intraday high $3.7154.

The broad-based crypto rally saw EOS break through the first major resistance level at $3.6845 before succumbing to a market pullback.

A late broad-based crypto pullback left EOS back at $3.64 levels at the day end to limit the upside.

For the current week, Thursday’s rally cut the weekly deficit to 1.38%. It’s been a bearish run since mid-June. Following a 23.3% slide in July, EOS was down by 17.6% for the current month.

In spite of the sell-off since mid-June, however, EOS us up by 38.7% year-to-date.

The extended bearish trend remained firmly intact despite the current year gains. A pullback from a June current year high $8.6503 back through the 23.6% FIB of $6.62 reaffirmed the bearish trend formed at April 2018’s swing hi $23.029

This Morning

At the time of writing, EOS was down by 0.39% to $3.6298. A choppy start to the day saw EOS slide to an early morning low $3.6050 before finding support.

Steering well clear of the first major support level at $3.4959, EOS bounced back to an early morning high $3.6655.

In spite of the rebound, EOS fell short of the first major resistance level at $3.7538 to ease back into the red.

EOS/USD 23/08/19 Daily Chart

For the Day Ahead

A move back through the morning high to $3.70 levels would support a run at the first major resistance level at $3.7538.

EOS would need to steer clear of the morning low $3.6050 to support a rebound later in the day.

Continued support from the broader market would be needed, however, for EOS to break out from Thursday’s high $3.7154.

Barring an extended crypto rally on the day, EOS will likely face plenty of resistance at $3.70 to limit any upside.

Failure to move back through the morning high to $3.70 levels could see EOS slide deeper into the red.

A fall through the morning low $3.6050 would bring the first major support level at $3.4959 into play.

Barring a crypto meltdown, EOS should steer well clear of the second major support level at $3.3477.

Looking at the Technical Indicators

Major Support Level: $3.4959

Major Resistance Level: $3.7538

23.6% FIB Retracement Level: $6.62

38.2% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Get Into Cryptocurrency Trading Today

The article was written by Bharat Gohri, Chief Market Analyst at easyMarkets

Asian Equities: The FED and Geopolitics Drive the Majors

The Key Drivers

In spite of last month’s 25 basis point rate cut, the dollar found support off the back of minutes release and clung on to Wednesday’s gains. At the time of writing, the Greenback was up by just 0.01% off the back of a 0.11% rise from Wednesday.

U.S Treasury yields also held relatively steady suggesting that the FED’s unlikely to be delivering a series of rate cuts, despite the U.S President’s demands.

The FOMC meeting minutes failed to point to further rate cuts down the road. The rate cut was described as a recalibration of the stance of policy or mid-cycle adjustment. The first rate cut since 2008 was delivered to better position the overall stance of policy to help counter the effects of weak global growth, trade policy uncertainty and to promote faster inflation.

While the FED delivered on the rate cut, members had noted that there had been some improvement in economic conditions.

In spite of the more optimistic sentiment towards the economy, 2-year and 10-year Treasury yields had briefly inverted before reversing.

The FED may not have delivered what markets had been in search of, but, the minutes did suggest a more adaptable stance towards the economic environment.

It wasn’t just the minutes that influenced through the early part of the session, however. A reiteration of Tump’s lack of interest in reaching a trade deal with China also influenced. There was also talk of further U.S tax reforms to support the U.S economy.

The Stats

On the data front, prelim August Private Sector Composite PMI out of Japan provided direction early on.

The Manufacturing PMI disappointed, in spite of a marginally slower rate of contraction in August. A more material fall in new export orders weighed on the Nikkei. The Nikkei had been up by as much as 0.55% ahead of the numbers.

If anything, the fall in new export orders was a reminder of the effects of the ongoing trade war.

It wasn’t all doom and gloom, however. Service sector activity picked up midway through the 3rd quarter.

The Majors

The ASX200 index and Nikkei index closed out the day in positive territory, with gains of 0.29% and 0.05% respectively.

The prospects of an extended U.S – China trade war, the addition of Huawei affiliates to the blacklist and political unrest in HK continued to weigh on the Hang Seng.

From the bond markets, spreads between 10-yr and 2-yr Treasury yields failed to widen. The lack of movement also tested the market’s resolve.

At the time of writing, the Hang Seng was down by 0.89%, while the CSI300 was up by  0.29%. Stocks with revenue derived primarily from HK weighed on the Hang Seng on the day.

The article was written by Bharat Gohri, Chief Market Analyst at easyMarkets

Bitcoin Tech Analysis – Recap and Mid-Morning Review – 21/08/19

Bitcoin saw red on Tuesday, falling by 1.33%. Partially reversing Monday’s 5.9% rally, Bitcoin closed out the day at $10,792.1.

A spillover from a late Monday rally led to an early morning intraday high $10,993 before Bitcoin hit reverse.

Selling pressure at $11,000 left Bitcoin short of the first major resistance level at $11,174.67.

The reversal through the morning saw Bitcoin fall to an early afternoon intraday low $10,584.

Bitcoin managed to hold above the first major support level at $10,490.67 to bounce back to $10,800 levels late on.

Unable to move back into positive territory, Bitcoin slipped back to $10,700 levels in the final hour.

The extended bullish trend, formed at 15th December’s swing lo $3,215.2, remained firmly intact. In spite of a pullback from a June swing hi $13,764, Bitcoin continued to steer well clear of the 60.2% FIB of $7,245.

Of greater significance was a rebound through the 38.2% FIB of $9,734 to bring the 23.6% FIB of $11,275 back in to play.

This Morning

At the time of writing, Bitcoin was down by 5.81% to $10,165. A particularly bearish morning saw Bitcoin tumble from a start of a day high $10,825 to a mid-morning low $10,080.

Falling well short of the first major resistance level at $10,995.4, Bitcoin slid through the first major resistance level at $10,586.40 and second major resistance level at $10,380.7.

BTC/USD 21/08/19 Daily Chart

For the Day Ahead

A move back through the second major support level at $10,380.7 to $10,400 levels would signal a rebound.

Bitcoin would need the support of the broader market, however, to break back through to $10,300 levels.

Barring broad-based crypto rebound, Bitcoin would likely fail to move back through the first major support level at $10,586.4.

Failure to move back through the second major support level at $10,380.70 could see Bitcoin take another hit.

A fall back through the morning low $10,080 would bring the sub-$10,000 levels and the third major support level at $9,971.7 into play.

We would expect Bitcoin to steer clear of the 38.2% FIB of $9,734, however, in the event of an extended sell-off.

Looking at the Technical Indicators

Major Support Level: $10,586.4

Major Resistance Level: $10,995.4

23.6% FIB Retracement Level: $11,275

38.2% FIB Retracement Level: $9,734

62% FIB Retracement Level: $7,245

Click here to start trading

The article was written by Bharat Gohri, Chief Market Analyst at easyMarkets

Bitcoin Tech Analysis – Recap and Mid-Day Review

Bitcoin tumbled by 7.72% on Wednesday. Following on from a 4.44% fall on Tuesday, Bitcoin wrapped up the day at $10,064.6.

Bearish from the start of the day, Bitcoin fell from an early intraday high $10,909 to a late morning low $10,403.

The early pullback saw Bitcoin fall through the first major support level at $10,646.67.

Bitcoin found support through the late morning to move back through the first major support level before succumbing to market forces.

A broad-based crypto sell-off saw Bitcoin slide to a late intraday low $9,966 before recovering to $10,000 levels.

The afternoon sell-off saw Bitcoin fall through the first major support level at $10,646.67 and second major support level at $10,389.33. Bitcoin’s fall to sub-$10,000 was the first since 1st August.

For the Bitcoin bulls, the near-term bullish trend, formed at mid-December’s swing lo $3,215.2 remained intact. Bitcoin continued to find support above the 38.2% FIB of $9,734.

5 days in the red out of the last 6 left Bitcoin in the red for the current month, however. To Tuesday, Bitcoin was down by 0.23%.

While Bitcoin’s dominance held relatively steady at 68% levels, the sell-off saw Bitcoin’s market cap slide from $190bn levels to a low $172.99bn before finding support.

At the time of writing, Bitcoin’s market cap stood at $178.49bn.

There were no major news events that contributed to the recent downward trend. Risk aversion across the more mature asset classes, however, failed to provide support. The latest moves suggest that Bitcoin and the broader crypto market are yet to be considered a safe haven.

This Morning

At the time of writing, Bitcoin was down by 1.34% to $9,929.5. A mixed start to the day saw Bitcoin rise to an early morning high $10,249 before hitting reverse.

Falling well short of the first major resistance level at $10,660.4, Bitcoin slid to a mid-morning low $9,522.

The early morning sell-off saw Bitcoin fall through the 38.2% FIB of $9,734 and first major support level at $9,717.4.

Bitcoin found support from the broader market in the last hour, leading to a move back through the first major support level and 38.2% FIB.

BTC/USD 15/08/19 Daily Chart

For the Day Ahead

Holding above the 38.2% FIB of $9,734 through the early afternoon would support a run at $10,000 levels.

Bitcoin would need the support of the broader market, however, to take a run at the morning high $10,249.

Barring a broad-based crypto rebound, Bitcoin would likely fall well short of the first major resistance level at $10,660.4.

Failure to hold above the 38.2% FIB of $9,734 could see Bitcoin slide deeper into the red.

A fall back through the first major support level to $9,500 levels would bring the second major support level at $9,370.2 into play.

Barring another crypto meltdown, however, we would expect Bitcoin to steer clear of sub-$9,000 support levels.

Click here to Get Into Cryptocurrency Trading Today

The article was written by Bharat Gohri, Chief Market Analyst at easyMarkets

Forex Daily Recap – Pound Slipped on Downbeat June ILO Unemployment Data

GBP/USD

Cable continued to reveal over-sold conditions on the Relative Strength Index technical indicator that pointed near 28.14 adverse level. Notably, the slight rise in the June UK Unemployment Rate had favored the bears. This June ILO Unemployment data came around 0.1% higher than the previous 3.8%. Meantime, the July Claimant Count Change recorded 4K lower than the market expectations of about 32.0 K. Also, the June 3Mo/Yr Average Earnings Excluding Bonus reported 3.9% over 3.8% forecasts.

GBPUSD 1 Day 13 August 2019
GBPUSD 1 Day 13 August 2019

Nevertheless, the market appeared to pay less attention to other upbeat data releases and focused over the downbeat ILO report. On the technical chart, the GBP/USD pair continued to maintain its volatility within a multi-month old downward moving trend channel. Also, strong SMA conflux stands above the pair and the aforementioned trend channel, warning the bulls.

USD Index

After three adverse closings in a row, the Greenback was underway a positive closing today. On the back of robust US data, the USD Index breached above 97.63 resistance, providing strength to the Greenback bulls. In the middle of the day, the highly crucial July CPI that excluded Food & Energy data reported 2.2% over 2.1% estimates.

US Dollar Index 1 Day 13 August 2019
US Dollar Index 1 Day 13 August 2019

Notably, the YoY July CPI data upshot 0.1% this time over the market hopes of around 0.2%. Anyhow, after gaining some power and breaking above the 97.63 mark, the bulls were moving towards the next resistance target at 97.86 mark. On an overall view, the pair was maintaining a-two-and-a-half-month-old positive trend channel.

EUR/USD

The Fiber continued to hover in and around the 1.1200 psychological handle since the last six sessions, including today. Quite noticeably, the July German Harmonized Index of Consumer Prices came in-line with the previously recorded 1.1%. Also, the German August ZEW Survey – Economic Sentiment published -44.1 points over -28.5 points market expectations.

EURUSD 1 Day 13 August 2019
EURUSD 1 Day 13 August 2019

Nonetheless, the ZEW Survey – Economic Sentiment data for the Eurozone also published adverse reports. On the technical chart, the EUR/USD pair had already broken above a major counter trendline, signaling for a robust upward drift. However, overhead SMA cluster and resistances stalled at 1.1251 & 1.1283 levels were confining the upside.

USD/CNY

After touching the 7.0707 mark yesterday, the USD/CNY pair was heading downside on Tuesday.

USDCNY 1 Day 13 August 2019
USDCNY 1 Day 13 August 2019

On the economic docket, the July YoY YTD FDI – Foreign Direct Investment data came around 7.3% in comparison to the prior 7.2%. Such a positive Chinese data release activated the pair bears, shedding off the accumulated gains. Also, the strong growing Greenback added more oil to the fire, transferring power to the USD/CNY bears. Meantime, the MACD line hovered above the signal line with green histograms pointing to the north.

USD/ZAR

The South African Rand currency pair was triumphantly moving above the Ichimoku Clouds, maintaining a robust uptrend. Anyhow, after touching 15.47 psychological mark last day, the USD/ZAR appeared to heath south today.

USDZAR 1 Day 13 August 2019
USDZAR 1 Day 13 August 2019

Needless to mention, the bears seemed to pause near 23.6% Fibonacci retracement level or 15.0892 mark. Despite that, the base line and conversion line stood below the trading pair with face to the north-side. The down-lying Parabolic SAR technical indicator had touched the pair and was underway attempt to jump above the pair. The RSI that had knocked 76.54 over-bought levels appeared to play its role, dragging down the pair today.

The article was written by Bharat Gohri, Chief Market Analyst at easyMarkets

USD/CAD Daily Forecast – 4H Chart Showing Golden Cross Formation

After making a slip from 1.3311 mark last day, the pair had found significant stoppage near 1.3225 level. Notably, the USD/CAD pair was lingering near the same levels in today’s Asian trading session.

Oil Prices Surge on Output Cut Hopes

The Crude Oil WTI Futures had soared 4.59% on August 7, reaching $52.83 per barrel. Today, the oil prices continued to remain sustained between $52 bbl and $53 bbl range level. The buyers had allowed the prices to inch up, expecting the OPEC to cut production in the near-term. Anyhow, concerns over US-Sino trade war kept the downward pressure intact, capping any potential gains.

OIL 1 Day 09 August 2019
OIL 1 Day 09 August 2019

On the technical side for the Crude, the prices had already breached and moved below a healthy one-year-old slanting ascending support line. On the downside, the prices had earlier tested the $50.70 bbl mark and might revisit the same handle in the upcoming sessions. Ability to break below the aforementioned handle would call for weakness in the commodity, activating $44.39 bbl and $42.38 bbl support levels.

Key Economic Events

After a long time, the market will witness some CAD-specific economic data releases today.

At around 12:30 GMT, Statistics Canada will publish the July Canadian Net Change in Employment and Unemployment data. This time, the street analysts expect the Employment statistics to come around 12.5K over the prior -2.2K. Somehow, the market expects the Unemployment data to remain in-line with the previous 5.5%.

In the middle of the day, the Canadian July YoY Average Hourly Wages and Participation Rate report release might attempt to tweak the pair’s daily price actions.

On the USD-side, traders must provide a glance over the slightly bullish expected July Producer Price Index (PPI) that excludes Food & Energy. The market forecasts the PPI to come around 2.4% over the last 2.3%.

Technical Analysis

4-Hour Chart

The USD/CAD pair had crossed and jumped above a major counter trendline on July 25, encouraging the bulls. Quite noticeably, the pair was already under formation of a strong uptrend channel that breached the aforementioned counter trendline.

 

USDCAD 240 Min 09 August 2019
USDCAD 240 Min 09 August 2019

Also, the 50-day SMA had already moved above the significant 200-day SMA, making a Golden Cross, luring the buyers. Anyhow, the Relative Strength Index (RSI) remained stuck near 44.80 mark, showing neutral buyer interest.

1-Hour Chart

On the hourly chart, though the price actions remained in the lower vicinity of the Bollinger Bands, the pair was heading to the north. Needless to say, the below lying Parabolic SAR provided additional support, pushing the pair above the center line.

 

USDCAD 60 Min 09 August 2019
USDCAD 60 Min 09 August 2019

Nonetheless, the USD/CAD pair had already lost hold of an 8-day old slanting ascending support line, pleasing the sellers. However, in the near term, traders might witness some slight positive price actions, considering the north side facing RSI, lingering near 40 mark.

The article was written by Bharat Gohri, Chief Market Analyst at easyMarkets

GBP/USD Daily Forecast – Bears Buckle-Up Awaiting UK Q2 GDP

After performing a bounce-off from the 1.2095 mark in the last North American session, the bulls seemed to halt near 1.2131/48 range level. During the early hours, the GBP/USD pair was maintaining a consolidation mode within the same aforementioned vicinity. Quite surprisingly, the Cable had hardly made a drift out of the 1.2100/2200 trading bracket since the start of August.

Brexit Updates

As per BBC news, the UK PM Boris Johnson asked the EU to show “common sense” and agree to the amendments in the Brexit Withdrawal deal. The PM also added that a no-deal Brexit would remain a better option instead of accepting the Irish Backstop. Thence, Boris continued to stay stubborn over making an EU-UK divorce happen at any cost on/before October 31 deadline.

British and EU Flags
British and EU Flags

Meantime, Opposition leader Jeremy Corbyn requested Sir Mark to help prevent a no-deal Brexit at the time of a general election campaign. The Labour leader stays concerned whether Boris would execute the Brexit before the polling day. On the other side, speculations suggested that the MPs might look for a no-confidence vote against the PM’s “anti-democratic abuse of power”.

Significant Economic Events

UK Q2 GDP data release remain at the center stage today. This time, the market appears to stay quite bearish over the GDP statistics, expecting a 0.5% slump over the previous 0.5%. Another key attraction for the day remains the UK June Manufacturing and Industrial Production data releases. The consensus estimate the June MoM Manufacturing Production to report near -0.1% over the last 1.4%. Also, the street analysts expect the June MoM Industrial data to drop 1.6% this time in comparison to the prior 1.4%.

On the US economic docket, the July YoY Producer Price Index (PPI) excluding Food & Energy would come out at around 12:30 GMT. The market hopes the July PPI to record 2.4% over 2.3% forecasts.

Technical Analysis

1-Week Chart

In the near term, the GBP/USD bulls might look for a slight upward drift, looking for recovery. Anyhow, the upper side remains wholly filled with multiple barriers, disallowing the bulls.

GBPUSD 1 Week 09 August 2019
GBPUSD 1 Week 09 August 2019

Notably, a one-year-old slanting descending resistance line in combination with strong SMA conflux kept hovering above the pair. However, at any point, the over-sold RSI might play its role in uplifting the pair to new levels. On the flip side, firm support handles remain stemmed near 1.2089, 1.1986, and 1.1905 levels.

4-Hour Chart

With an assumption of a small upliftment in the short term, traders can expect the pair to test the overhead Red Ichimoku Clouds, acting as an active resistance region.

GBPUSD 240 Min 09 August 2019
GBPUSD 240 Min 09 August 2019

Needless to say, the Parabolic SAR continued to hover above the GBP/USD pair, strengthening the bearish side. Even the base line and the conversion line traveled along with the price actions, revealing a neutral future perspective.

Click here to start trading

The article was written by Bharat Gohri, Chief Market Analyst at easyMarkets

Forex Daily Recap – China’s Currency Weapon Played, Dropping Yuan Past 7/Dollar

USD/CNY

Over to Trump’s latest additional tariff duties on Chinese goods, the Yuan slipped and crossed the seven mark to the dollar threshold. The Relative Strength Index (RSI) of the USD/CNY pair shot up to 84.49 level, showing heavy buying in the currency pair. Notably, on its way to the upside, the pair had crashed through multiple resistances stalled near 6.9340, 6.9617, and 6.9756 levels.

USDCNY 1 Day 05 August 2019
USDCNY 1 Day 05 August 2019

Rob Carnell, Chief Economist & Head of Research for Asia-Pacific, ING, Singapore commented, “What has taken the market by surprise is that nobody anticipated that President Trump would slap tariffs on China within 24 hours of their trade talks. (I) don’t think any of us had imagined how quickly President Trump would slap on more tariffs. This makes it very hard for China to decide what it needs to do next. You don’t really know if the people you are talking to matter, and it turns out they don’t. So, you don’t want to make concessions and then get tariffed anyway. Then you’re losing both ways.”

USD/ZAR

Along with the Chinese Yuan currency that got hit massive sell-off over uprising trade tensions, the South African Rand (ZAR) also underwent plunges. Notably, China remains South Africa’s primary export market. Moreover, China ensures some good amount of Foreign Investment in this highly investment risky place. Hence, South Africa stays quite highly dependent on the Chinese economy.

USDZAR 1 Day 05 August 2019
USDZAR 1 Day 05 August 2019

Today, as the Yuan crossed through the 7/Dollar mark, the Rand touched 14.9462/Dollar mark. The pair had already provided strong bullish signals last day, breaking above the Ichimoku Clouds. If the USD/ZAR pair had moved further more upwards, then the 15.0056 resistance would have got activated.

US Dollar Index

The Greenback was heading south in the North American trading session, aiming to close the day on a negative note, making it a hattrick. Notably, the USD Index had attempted multiple times in the last few months to breach the sturdy 98.32 resistance. However, last week, the Greenback had made it happen, touching the 98.92 highest mark. Anyhow, since the last few sessions, the bulls appeared to shed their gains, handing over the control to the bears.

US Dollar Index 1 Day 05 August 2019
US Dollar Index 1 Day 05 August 2019

Today, the most crucial ISM July Non-Manufacturing PMI came out 2.61% below the market expectations. The market had expected the data to report near 55.5 points. Anyhow, the actual figures recorded near 53.7 points, luring the sellers. Nevertheless, a robust more-than-a-month old slanting ascending support line would have taken care of any drastic drop in the Index. Meanwhile, the upbeat July Markit PMI Composite and Services PMI ensured to limit the daily losses. The July Markit PMI Composite recorded 1.94% growth over the previous figures. Also, the Services PMI rose a 1.53% increment, reporting 53.0 points over market hopes of around 52.2 points. Meantime, the uprising trade tensions kept encouraging the bears, bringing down the Greenback.

EUR/USD

On Monday, most of the EU members came up with their respective PMI data reports. Out of which, the market remained more concerned about the German and Eurozone data releases. Quite noticeably, the Eurozone July Markit PMI Composite data came out as per expectation, reporting 51.5 points. Anyhow, the German PMI slumped 0.98% this time over the prior 51.4 points.

EURUSD 1 Day 05 August 2019
EURUSD 1 Day 05 August 2019

Needless to say, Italy and France reported positive PMI data, expect Spain that missed estimates. On the technical chart, the EUR/USD was showing some resilient price actions, taking a bounce off the 1.1110 psychological support line. The Fiber kept marching upwards, breaking a 19-day old slanting descending support line. Even if the pair had attempted to climb more, then it could have encountered the overhead strong SMA conflux.

USD/CHF

The Swiss Franc pair was forming a Double Top trading pattern, hinting for more upcoming bearish sessions. Also, a 2-month old major counter trendline had confined the pair’s upside for the last few months. However, quite remarkably, the USD/CHF pair had broken and moved above this aforementioned counter trendline. Anyhow, the counter trendline took back control over the Swiss Franc pair in today’s trading session.

USDCHF 1 Day 05 August 2019
USDCHF 1 Day 05 August 2019

Meanwhile, the Switzerland economic docket showcased some positive data releases. The June YoY Real Retail Sales came out +0.7% over -0.5% market estimates. Additionally, the Q3 3m SECO Consumer Climate recorded -8 points, staying above the consensus estimate of around -10 points.

The article was written by Bharat Gohri, Chief Market Analyst at easyMarkets

Forex Daily Recap – Fiber Looking for Recovery as ECB Plans for Monetary Easing

EUR/USD

After maintaining a steady downtrend for the last six sessions in a row, the Fiber bulls attempted for an upward drift today. However, a major counter trendline confined the pair’s upside, disallowing above 1.1187 level. Even if the pair had made a triumphant march, breaching this counter trendline, then the overhead SMAs would have got activated. The ECB Monetary Policy decision remained at the center stage throughout the day. Today, though the policymakers decided to keep the interest rates unchanged, the future guidance revealed more Quantitative Easing. The ECB minutes read that the bank would prepare for more policy easing in the guidance plan. Along with that, the bank would also encourage the purchase of more bonds.

EURUSD 240 Min 25 July 2019
EURUSD 240 Min 25 July 2019

The Governing Council has tasked the relevant Eurosystem Committees with examining options, including ways to reinforce its forward guidance on policy rates, mitigating measures, such as the design of a tiered system for reserve remuneration, and options for the size and composition of potential new net asset purchases,” the ECB said in a statement.

Later, after the bank’s policy meeting, ECB President Mario Draghi mentioned some dovish stances on the economic outlook. Draghi highlighted that the rebound estimated to come in the second part of the year came out unreal. And, the President added that the incoming signs only showcased more weakness.

AUD/USD

The Aussie pair had managed to stay within a more-than-a-month old uptrend channel until today. Notably, the tumbling rally triggered on July 18 possessed significant power that allowed the bears, to make happen this breakdown. Also, the Relative Strength Index (RSI) had drenched beneath 27 lowest levels, luring the sellers.

AUDUSD 240 Min 25 July 2019
AUDUSD 240 Min 25 July 2019

The RBA had come up with reductions in the interest rates twice since June, setting the interest rates to an all-time low of 1%. The policymakers mentioned that such a stance was taken, aiming to improve the overall economic growth and inflation rates. Today, RBA Governor Philip Lowe said, “Whether or not further monetary easing is needed, it is reasonable to expect an extended period of low interest rates.”

USD Index

After taking a bounce off the 1-month old ascending slanting support line on July 18, the Greenback had undertaken the risk to test a major counter trendline. On July 22, the USD Index had managed to cross above the aforementioned barrier. Even today, the uptrend remained intact. However, the USD Index had to take some extra efforts while handling the robust 97.77 resistance.

US Dollar Index 240 Min 25 July 2019
US Dollar Index 240 Min 25 July 2019

At 16:56 GMT, the Greenback had almost breached the 97.77 level, moving above, marking daily high near 97.86 level. The US economic docket remained positive on Thursday with upbeat Jobless and Durable Goods data. The most crucial June Non-Defense Capital Goods Orders that excludes Aircraft reported 1.7% higher than the market expectation of around 0.2%.

USD/HKD

Three days back, the USD/HKD pair had taken the initiative to make a breakthrough out of a major counter trendline. Following such a splendid breakout, the bulls appeared to remain quite entertained in the last few sessions.

USDHKD 240 Min 25 July 2019
USDHKD 240 Min 25 July 2019

However, the sturdy 7.8158 resistance handle restricted the pair’s upside today. This resistance handle had even played the role of a support line multiple times, earlier this month. Also, needless to mention, the firm support line stalled near 7.8016 level would have taken care of any substantial downfall in the pair.  

The article was written by Bharat Gohri, Chief Market Analyst at easyMarkets

USD/CAD Daily Forecast – Symmetric Triangle in Play for DXY above 97.30

In the last North American session, the Loonie pair had soared from 1.3045 bottom mark, straight to 1.3129 level. Today, the USD/CAD pair continued to keep the tempo high, reaching 1.3138 level.

Last day’s positive upliftment had come, following a rise in the USD Index. Notably, the Greenback had taken the flight over revised 2-year Debt/Spending Ceiling deal, and Trump’s criticism over the Fed. The White House and the Congress reached an agreement to increase the aforementioned ratio’s limit from $1.32 trillion to $1.37 trillion in FY’20. Following this, the US Dollar Index shot up 0.20% reaching 97.47 level today. Such a strong move on the USD front also bestowed USD/CAD, pushing the pair upwards.

On the technical chart, the US Dollar Index seemed to have broken the 1-month old symmetrical triangle and was moving upwards. Therefore, the market can expect more immediate breakouts in the Greenback in the upcoming sessions.

US Dollar Index 240 Min 23 July 2019
US Dollar Index 240 Min 23 July 2019

Meantime, the Crude prices kept rising amid uprising Middle East tensions, creating demand concerns. Anyhow, the overall current market conditions vowed for weaker oil demand, keeping the gains limited.

Significant Economic Events

Traders anticipate the US Housing and Home loans data today. The Housing market data acts as a sensitive factor to the US economy and hence needs close attention. The Street analysts expect the May MoM Housing Price Index to report 0.1% lower than the previous 0.4%. Anyhow, the market stays in-line over the Existing MoM June Home Sales data, expecting 5.34 million, this time.

The Canadian economic docket remains quite silent amid lack of events. However, on the Crude front, the API Weekly Crude Oil Stock computed since July 19 will come out at around 20:30 GMT. The Inventories report had recorded -1.401 million, previous time.

Technical Analysis

1-Day Chart

USDCAD 1 Day 23 July 2019
USDCAD 1 Day 23 July 2019

The 50-day short-term SMA was heading south, crossing the 100-day and 200-day SMA, one after the other in the last few sessions. The pair had also managed to fill up the upper wick of the candle formed two days back. Hence, positive drifts in the near term seem quite imminent. Anyhow, on moving further upwards, the bulls might find difficulty on reaching near the 200-day SMA stalled at 1.3300 psychological mark.

4-Hour Chart

USDCAD 240 Min 23 July 2019
USDCAD 240 Min 23 July 2019

The Loonie pair finally made a triumphant march, breaching the 1.3099 healthy resistance mark. Somehow, the sturdy 1.3146 resistance confined the upside, putting a lid over the pair’s daily gains. If the USD/CAD pair makes an additional growth to the north side, then it would confront the significant 200-day SMA at 1.3170 level. Anyhow, the RSI was indicating near 64.74 mark, revealing over-bought conditions.

The article was written by Bharat Gohri, Chief Market Analyst at forex broker easyMarkets

 

Ripple’s XRP Analysis – Recap and Mid-Day Review – 17/07/19

Ripple’s XRP slid by 5.71% on Tuesday. Reversing a 2.75% gain from Monday, Ripple’s XRP ended the day at $0.29435.

A bullish start to the day saw Ripple’s XRP rise to an early morning intraday high $0.31878 before hitting reverse.

Falling short of the first major resistance level at $0.3252, Ripple’s XRP slid to a late afternoon intraday low $0.28250.

The sell-off saw Ripple’s XRP fall through the first major support level at $0.2967 to come within range of the second major support level at $0.2813.

Finding support from the broader market, Ripple’s XRP bounced back to $0.3090 levels before falling back to sub-$0.30 levels.

The late pullback saw Ripple’s XRP fall back through the first major support level at $0.2967.

The extended bearish trend formed at late April 2018’s swing hi $0.97181 remained firmly intact. Ripple’s XRP continued to fall well short of the 23.6% FIB of $0.4164 following the current month sell-off.

For the current month, Ripple’s XRP was down by 25.4% to the end of Tuesday.

This Morning

At the time of writing, Ripple’s XRP was up 1.46% to $0.29864. A mixed start to the day saw Ripple’s XRP fall to a morning low $0.2916 before rising to a high $0.30397.

In spite of the choppy day, Ripple’s XRP left the major support and resistance levels untested early on.

XRP/USD 17/07/19 Daily Chart

For the Rest of the Day

Ripple’s XRP would need to steer clear of sub-$0.2980 levels to support upward momentum through the day.

A move through the morning high $0.30397 would bring the first major resistance level at $0.3146 into play.

Ripple’s XRP would need the support of the broader market, however, to break back through to $0.30 levels.

In the event of an extended crypto rally through the day, Tuesday’s high $0.31878 would likely limit any upside on the day.

Failure to steer clear of sub-$0.2980 levels could see Ripple’s XRP slide through the morning low $0.2916 to sub-$0.29 levels.

Barring a broad-based crypto sell-off, Ripple’s XRP should steer well clear of the first major support level at $0.2783. In the event of another crypto meltdown, a fall through to Tuesday’s low $0.2825 would bring sub-$0.28 levels into play.

Looking at the Technical Indicators

Major Support Level: $0.2783

Major Resistance Level: $0.3146

23.6% FIB Retracement Level: $0.4164

38% FIB Retracement Level: $0.5225

62% FIB Retracement Level: $0.6941

The article was written by Bharat Gohri, Chief Market Analyst at easyMarkets

Bitcoin Tech Analysis – Recap and Mid-Day Review – 10/07/19

Bitcoin rose by 2.09% on Tuesday. Following on from a 7.1% rally on Monday, Bitcoin ended the day at $12,558.

Following on from last week’s 6.34% gain, Bitcoin was up by 9.34% Monday through Tuesday.

On the day, a bullish start to the day saw bitcoin rally to a mid-morning intraday high $12,814.6 before sliding to a late morning intraday low $12,102.0.

Falling short of the first major resistance level at $12,881.07, Bitcoin fell through the first major support level at $12,168.47.

Bucking the trend from across the broader market, Bitcoin found support through the afternoon to close out the day in positive territory.

Bitcoin looks set for another weekly gain, with the bulls now needing to break out from $13,200 levels to support the upward momentum.

Bitcoin’s dominance stood at 65.2% at the time of writing, driven by the trend-bucking moves this week.

For the Bitcoin bulls, the near-term bullish trend, formed at mid-December’s swing lo $3,215.2 remained intact. Bitcoin had continued to find support at the 23.6% FIB of $11,275 ahead of this week’s breakout.

You can try the forex Metatrader 4 download in order to trade bitcoin.

This Morning

At the time of writing, Bitcoin was up by 3.94% to $13,053. A particularly bullish start to the day saw Bitcoin rally from a morning low $12,540 to a late morning high $13,171.

Steering clear of the first major support level at $12,168.47, Bitcoin broke through the first major resistance level at $12,881.07.

For the bulls, holding onto $13,000 levels through the late morning was key. A lack of support from the broader market left Bitcoin short of the second major resistance level at $13,204.13, however.

Across the broader market, Ethereum managed to find support to join Bitcoin in the green. At the time of writing, Ethereum was up by 0.29%.

It was red for the rest of the top 10 cryptos through the 1st half of the day. Leading the way down was Bitcoin Cash SV and Tron’s TRX, which were down by 3.94% and 2.37% respectively.

BTC/USD 10/07/19 Daily Chart

For the Rest of the Day

A hold onto $13,000 levels through the early afternoon would support another run at the first major resistance level at $13,204.13.

Bitcoin would need the support of the broader market, however, to break out from this morning’s high $13,171.

In the event of a broad-based crypto rally, the bulls will be eyeing 26th June’s current year high $13,764.

Failure to hold onto $13,000 levels could see Bitcoin give up the morning gains. A fall through the morning low $12,540 to sub-$12,450 levels would bring the first major support level at $12,168.47 into play.

Barring a crypto meltdown, however, we would expect Bitcoin to steer clear of sub-$12,500 levels on the day.

The article was written by Bharat Gohri, Chief Market Analyst at easyMarkets

Bitcoin Tech Analysis – Recap and Mid-Day Review – 08/07/19

Bitcoin rose by 1.85% on Sunday. Following on from a 2.56% gain on Saturday, Bitcoin ended the week up 6.34% to $11,485.

On the day, a relatively range-bound morning saw Bitcoin fall to an intraday low $11,110 before finding support. The pullback saw Bitcoin fall through the 23.6% FIB of $11,275 before recovering to $11,300 levels.

A second pullback in the afternoon, saw Bitcoin fall back through the 23.6% FIB before striking an intraday high $11,620.

On the day, while Bitcoin fell short of the major resistance levels, Bitcoin’s move back through the 23.6% FIB was key.

The bullish end to the week contributed to yet another weekly gain and there have been numerous since the start of the year.

Since the start of the year, Bitcoin has seen just 8 weeks in the red, which has given Bitcoin a 200% gain year-to-date.

All of this in spite of a pullback from 26th June’s current year high $13,764.

Bitcoin’s dominance held onto 62% levels. Bitcoin’s market cap has also found support, recovering from sub-$200bn levels on Sunday to $211.17bn at the time of writing.

For the Bitcoin bulls, the near-term bullish trend, formed at mid-December’s swing lo $3,215.2 remained intact. Bitcoin has continued to find support at the 23.6% FIB of $11,275.

This Morning,

At the time of writing, Bitcoin was up by 3.49% to $11,886.0. Range-bound through the early morning, Bitcoin fell from a start of a day $11,547 to a morning low $11,310 before making a move.

Steering clear of the 23.6% FIB of $11,275 and the first major support level at $11,190, Bitcoin rallied to a late morning high $12,040.

Bitcoin broke through the first major resistance level at $11,700 and second major resistance level at $11,915 to hit $12,000 levels before easing back.

BTC/USD 08/07/19 Daily Chart

For the Rest of the Day

A hold above the first major resistance level at $11,700 would support another break through the second major resistance level at $11,915.

Bitcoin would need the support of the broader market, however, to break out from the morning high $12,040.

Barring a broad-based crypto rally, Bitcoin would likely come up short of the third major resistance level at $12,425.

In the event of a crypto rally, expect Bitcoin to take a run at $13,000 levels. This morning’s divergence has set the bulls up for a big afternoon if the rest the majors can recover.

Failure to hold above the first major resistance level at $11,700 would see Bitcoin cough up the morning gain.

A pullback through to sub-$11,400 levels would bring the 23.6% FIB of $11,275 into play before any recovery.

Barring a crypto meltdown, we would expect Bitcoin to steer clear of the first major support level at $11,190.

In the event of a meltdown, sub-$11,000 support levels could come into play before any recovery. We would expect the second major support level at $10,895 to limit any downside in the event of a sell-off.

Get Into Cryptocurrency Trading Today Here

The article was written by Bharat Gohri, Chief Market Analyst at easyMarkets

Bitcoin Tech Analysis – Recap and Mid-Day Review – 04/07/19

Bitcoin rallied by 10.09% on Wednesday. Following on from a 2.29% gain on Tuesday, Bitcoin ended the day at $11,983.

A bullish start to the day set the tone, with Bitcoin on the move from the start of the day. Bitcoin rallied from an intraday low $10,876 to a mid-morning high $11,584.

The moves through the early hours saw Bitcoin break through the 23.6% FIB of $11,275 and the first major resistance level at $11,762.87.

A pullback to sub-$11,000 levels by late morning saw Bitcoin steer clear of the first major support level at $10,087.13 before a late rally.

The late rally saw Bitcoin break back through the 23.6% FIB of $11,275, first major resistance level at $11,323.93, and second major resistance level at $11,762.87 to hit an intraday high $12,025.

Resistance at $12,000 limited the upside on the day.

The Bitcoin rally led to Bitcoin’s dominance rising back to 62% levels. Bitcoin’s market cap jumped to a Wednesday high $213.5bn before easing back.

Bitcoin ultimately provided support to the broader crypto market, leading the majors into positive territory on the day.

For the Bitcoin bulls, the near-term bullish trend, formed at mid-December’s swing lo $3,215.2 remained intact. Bitcoin continued to find support at the 23.6% FIB of $11,275.

Correlations and Considerations

Wednesday’s rally was another day of correlation with the more mature markets. The rally kicked in well ahead of economic data out of the U.S, however. Weak U.S stats continued to support the FED’s projected rate cut later in the day year.

While the cheaper cost of funds is a boon for riskier assets, the current interest rate environment continues to be supportive.

A negative for Bitcoin and the broader market continues to be the prospect of a material shift in the regulatory landscape. There’s also the pending SEC decisions on the Bitcoin ETFs to consider.

The recent volatility across the broader market has come at the wrong time for those hoping for Bitcoin ETFs to be approved. The good news, however, is the fact that there have been no headline cases of exchanges being hacked…

Another piece of good news is the fact that the planned launch of Facebook’s Libra has done no damage just yet…

This Morning

At the time of writing, Bitcoin was down by 1.63% to $11,787.

In the early part of the day, Bitcoin rose to a start of a day high $12,065 before hitting reverse.

Falling short of the first major resistance level at $12,379.33, Bitcoin fell back to a late morning low $11,503.

Steering clear of the 23.6% FIB of $11,275 and first major support level at $11,230.33, Bitcoin moved back through to $11,700 levels.

For the Bitcoin bulls, $12,000 looks to be the line in the sand.

For the Day Ahead

A hold onto $11,700 levels through the early afternoon would support a move back through to $11,900 levels.

Bitcoin would need the support of the broader market, however, to break out from this morning’s high $12,065.

In the event of a breakout, the first major resistance level at $12,379.33 would come into play before any pullback.

Failure to hold onto $11,700 levels could see Bitcoin slide back through the 23.6% FIB of $11,275.

Barring an extended sell-off through the afternoon, the first major support level at $11,230.33 should limit the downside.

In the event of a sell-off, expect a return to sub-$11,000 levels before finding support.

The article was written by Bharat Gohri, Chief Market Analyst at easyMarkets