Cryptocurrency Analytics from FXOpen - page 29.

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Hello, readers. From this week on, we will include two new cryptocurrencies in our weekly updates: Dash and Ethereum. This will be done on a rotation basis. We’ll cover DSH and ETH today, while next week we’ll be back with the usual currencies Namecoin and Peercoin.

Dash Pauses Rally

Dash, formerly known as Darkcoin, is one of the few anonymizing coins that has lately sprung up. It aims to solve what some say Bitcoin’s main problem is: complete transparency and traceability of all transactions. In its current implementation, it adds privacy by combining identical inputs from multiple users into a single transaction with several outputs. Due to the identical inputs, transactions (usually) cannot be directly traced, somewhat obfuscating the flow of funds.

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Bitcoin prices fell today after the news that the latest auction attracted only 5 bidders. This compares to 11 bids last November.

Bitcoin down Today but up on the Week

While Bitcoin is up by $20 during the past seven days, prices have fallen today on the weak auction results. As usual both the identity of the winner and the price per BTC paid is unknown, so the only stat we have to go by is the number of bids. Logically, a lower number is likely to mean lower bidding prices. You can read more about the auction

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Alternative cryptocurrency Namecoin is testing an important support near the 28 cents level. Meanwhile, Peercoin continues a slow but steady decline.

Peercoin Down by 2 Percent

Peercoin is down by around 2 percent this week, from $0.357 to $0.35 per coin. We’re now hovering above a 13-day support near 34 cents.

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After a week-long pause, both Bitcoin and Litecoin continue their respective downtrends. Big Brother is down by $19 or 3.3 percent while LTC is trading lower by 20 cents or 5.3 percent. As usual, we’ll go over Bitcoin first and go back to Litecoin later on.

Bitcoin Down by $19

After seven days stuck in a tight range, BTC/USD finally broke down on Sunday, trading as low as $556.66 before rebounding. We are currently quoted slightly higher at $564 per coin.

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The crypto market is in wait-and-see mode. Bitfinex opened its doors yesterday and started the disbursement of funds but questions remain about feasibility of the restart. Bitcoin has been trading mostly range-bound for the past eight days with many altcoins following the same pattern.

A considerable amount of Bitcoins (close to 60k at the time of this writing) has already been withdrawn from the Bitfinex platform. Their newly issued BFX tokens are trading at a 70% discount right now. Hardly a vote of confidence from the market. And of course there are potential legal challenges to the scheme. This process continues to weigh on market sentiment.

Peercoin Slightly up but Downtrend Remains

Peercoin is currently quoted at $0.357 per coin, up just over 3 percent compared to last week. But the downtrend in PPC prices continues. To end it, the bulls will need to make a decisive push above the $0.379 swing high.

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Bitcoin prices have somewhat stabilized around the $580 handle. Market participants are still waiting for more info from the hacked exchange Bitfinex before making up their mind. The technical bias, however, remains the same with both Bitcoin and Litecoin in a downtrend.

Bitcoin Traders Wait for Bitfinex

Bitcoin traders are still in a ‘wait and see’ mode after Bitfinex, the largest USD exchange by trading volume, got hacked last week. The exchange allowed read-only access on Sunday and is asking everyone to change their passwords and 2fa tokens. What everyone will notice right after they log in is that 36% of their assets have been replaced by a ‘BFX token’. This is a ‘haircut’ applied by Bitfinex to each account to compensate for the loss of over 100,000 Bitcoins.

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Bitcoin and most altcoins crashed late Tuesday/early Wednesday after news emerged that major exchange Bitfinex got hacked. Initially prices dipped by only $50 dollars, from around $601 to $551 dollars per coin on Fxopen. But when the scope of the hack got revealed (120k bitcoins), prices crashed almost $100 extra to a hit a low of $469 dollars before recovering. After a sizable retracement we are currently quoted at $564 dollars per coin. Let’s go over our two altcoins (PPC/NMC) then we’ll get back to bitcoin.

Peercoin Enters a New Downtrend

Peercoin entered a new downtrend after a break of $0.355 dollars on Tuesday. Similarly to bitcoin we saw a ‘flash crash’ to a low of $0.297 dollars followed by a recovery to $0.345 dollars right now.

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While we see lots of volatility in Ether and its newly created offshoot ETC, the rest of the crypto market is fairly calm. As we reported two days ago, Bitcoin is being dragged up/down by ETH volatility. But this has been a non-directional affair with prices bouncing between $640 and $656, a range of just over 2 percent. This is a relatively low range for a cryptocurrency. This week, both Peercoin and Namecoin are back in range after their uptrends failed yet again.

Peercoin Uptrend Over

The short-lived PPC uptrend is now over. While prices didn’t break the $0.376 support noted last week, the momentum has been completely lost. We’re now back in a neutral territory waiting for the next move.

Read More https://blog.fxopen.com/altcoins-back-in-range/

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Bitcoin is being pulled around by Ether troubles again. During the past few days we’re seeing BTC/USD zig-zag up and down depending on what ETH does.Meanwhile bitcoin’s little brother Litecoin is continuing the slow trend downward.

Bitcoin Pulled Around by Ether

Bitcoin is being pulled up/down by Ether. The strong inverse relationship between these two coins is back in full force. Every major Ether sell-off leads to some BTC gains while every large ETH rally drops bitcoin prices somewhat. You can read more on why ETH volatility is off the charts

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Both Peercoin and Namecoin have switched from downtrend to uptrend during the last seven days. The surge in prices on Sunday helped both altcoins take out crucial resistance levels. Since then, however, we’ve seen limited gains for PPC while NMC gave up all of the gains and then some.

Peercoin Breaks Out

Alternative cryptocurrency Peercoin broke above the important $0.429 swing high on Sunday. In our previous article we noted this level as a potential trend changer. In the initial run-up a high of $0.524 was hit. But since then we’ve seen a major retracement down to the initial breakout point at $0.428. We’re currently quoted slightly above this potential support at $0.433 per coin.

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The longer-term picture hasn’t changed since our last update. Bitcoin is still range-bound on the daily charts while LTC continues the downtrend. During the past seven days, however, both coins got a lift with BTC rallying by $17 while LTC is up by 7 cents.

Bitcoin Gains 2.7 Percent

Bitcoin gained $20 this week, from $639 to $656 per coin. This is a move of about 2.7 percent. But as we mentioned above, the daily picture is still undecided as we can see on the chart below.

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It’s been a farily uneventful week for altcoins. Peercoin is currently quoted at $0.408 dollars, about 3.3 percent higher. Namecoin on the other hand barely changed and is trading at $0.374 dollars, almost exactly where it was during our update seven days ago.

Peercoin Higher but Trend Lower Remains

Alternative cryptocurrency Peercoin clocked some tentative gains since last Thursday. We’re up 1.3 cents or close to 3.3 percent. But as we can see on the chart below, we haven’t broken any important resistance levels yet.

Read More https://blog.fxopen.com/uneventful-week-for-altcoins/

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Both Bitcoin and Litecoin are trading lower this week. Bitcoin is down by $22 while LTC/USD is lower by 38 cents or 8.6 percent. As usual, let’s start with the bigger brother Bitcoin and get back to LTC later in the article.

Bitcoin Down by 3.3 Percent

Bitcoin is down by $22 or 3.3 percent since last Tuesday. The Bitcoin halving came and went but prices have yet to make a decisive move. After July 9, the Bitcoin creation rate dropped from 8% to 4% per annum. More on this in our previous article.

While the week prior saw some tentative gains for BTC/USD, the last seven days saw a lot of that move retrace. As we can see in the 4-hour chart below, for the past several weeks Bitcoin has been stuck in a range. While the medium and long-term trends are still bullish, the short-term daily charts are signalling indecision.

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It’s been a mostly uneventful week in the altcoin market. Peercoin is trading at $0.395 compared to $0.402 last week. Namecoin is quoted at $0.373 compared to $0.389 last Thursday.

Peercoin Little Changed

While PPC prices slowly drifted lower to $0.395 from $0.402 last week, it hasn’t been a smooth sailing. The spike on July 3 took us to a high of $0.429 per coin. This is now the new ‘watermark’ for Peercoin. A decisive breakout above the 43 cents level would end the short-term downtrend. The threshold for a new rally is set a bit higher at 51 cents per coin.

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Bitcoin continues the slow climb higher. We are now up by $29 since last Tuesday, a gain of 4.6 percent. Little brother Litecoin is also up, for a gain of over 8 percent this week.

Bitcoin Higher, Next Move Uncertain

Bitcoin is still climbing higher, now at $659.99 per coin. But as you can seen on the chart below, it hasn’t been a smooth sailing. We’ve barely made any gains during the past four days and on Sunday we saw a sharp fall of over $40.

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Both Peercoin and Namecoin have gained somewhat during the past seven days. Peercoin is up by 6 cents or 17 percent this week while NMC is higher by 4.2 cents or just over 12 percent.

Peercoin Up Over 13 Percent

Alternative cryptocurrency Peercoin is trading higher by over 13 percent compared to last Thursday. Much of the gains are likely due to big brother bitcoin rallying over 10% after the crash last week. Bitcoin is trading at $658 dollars right now, it opened last Thursday at $590 dollars. But what’s next for PPC/USD?

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The Brexit related turmoil had a knock-on effect in the crypto market. Prices rose $40 dollars or 6.8 percent on Friday. Since then the gains have petered off with BTC trading in a range for the past few days. A similar pattern was observed in LTC/USD. Here prices jumped 13 percent on Friday before stabilizing somewhat.

Bitcoin Rallies $40 After Brexit

As we noted above, BTC prices rose by $40 dollars on Friday. Since then however the move stalled and we’re currently quoted at $631 dollars per coin.

Read More https://blog.fxopen.com/bitcoin-jumps-after-brexit/

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The decline in Bitcoin prices continued and turned into a rout yesterday. Prices fell close to 30 percent on most exchanges before rebounding somewhat. This had a knock-on effect on other cryptocurrencies.

Namecoin Spikes, Then Crashes

In what is becoming a familiar pattern lately, NMC prices first spiked to a high of $0.538 before crashing back down to $0.342 right now. Both the rise and the decline coincide with Bitcoin’s price movements.

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Bitcoin fell over $100 from the highs after service disruption at a major USD exchange. While BTC/USD is still in an uptrend, the same can’t be said for its little brother Litecoin. But let’s start with BTC and we’ll get back to LTC/USD later on.

Bitcoin Falls $100 Dollars

Bitcoin fell $100 dollars in the past 17 hours alone after the outage of major BTC/USD exchange Bitfinex. Prices on Fxopen were trading around $722 dollars per coin when the whole fiasco started last night. Just 30 minutes ago a low of $623.00 was hit.

Bitfinex migrated its data center recently and according to their twitter account, seems to be experiencing networking issues. This resulted in a long 8 hour outage last night, during which BTC/USD prices crashed over $50 dollars. Only few hours later, trading was halted yet again with BTC prices trading around $713 on that exchange. This caused a second round of selling with prices tumbling to a low of $623 on Fopen and $655 on other exchanges. Bitcoin prices are more stable on Chinese exchanges, fetching a premium of over $25 dollars to their USD counterparts.

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Both Peercoin and Namecoin are trading range-bound. Namecoin is trading higher by 0.9 cent or 2.4 percent, while PPC is up by 1.8 cents or 4.8 percent since last Thursday. While both altcoins have made some progress this week, they’ve yet to break out above their important resistance levels.

Namecoin Trading Range-Bound

Considering the large volatility of Bitcoin and some altcoins, it’s been a calm week for NMC. Here the weekly range was ‘only’ 11 percent. This compares with a range of over 20 percent for BTC/USD. The gains have been relatively small too, only 2.4 percent since last Thursday.

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