Cryptocurrency Analytics from FXOpen - page 31.

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The general consolidation in the crypto-market is still ongoing. But while BTC is making tentative gains, both Peercoin and Namecoin are drifting lower and testing important support levels. Let’s start with PPC and we’ll get back to Namecoin later on.

Peercoin Testing Support

Peercoin is still testing the important support level near $0.447 dollars per coin. In the past seven days PPC/USD hit a low of $0.444 dollars but that’s where the small losses ended.On the chart below we can see how the bears have been constantly attacking this support area during the past few weeks.

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Bitcoin is trading higher today but we’re still far from declaring a new uptrend. Prices hit $420.95 early in the day before backing down somewhat. Litecoin isn’t having as good of day however. Prices are down slightly after bitcoin’s little brother erased the earlier gains.

Bitcoin Prices Hit $420.95

As noted above, BTC prices hit a high of $420.95 before easing to 417.51. We are currently quoted at $418.11, about 60 cents from the lows. On the chart below we can see that while BTC/USD had some gains in the past few days, we’ve yet to stage a brakeout.

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Most major cryptocurrencies have been range-bound for the past two weeks. This consolidation is still ongoing. While Peercoin is testing an important support, it hasn’t broken it yet. Namecoin on the other hand is still firmly in its range.

Peercoin Testing Support

Alternative cryptocurrency Peercoin is testing the important support level at $0.447. We are currently quoted only 0.1 cent below at $0.446 dollars per coin. On the chart below we can see that since the start of this week PPC/USD has resumed the downward slide and is back to testing the support for the past few hours.

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It’s been a wild few days in bitcoin land, at least when compared to the previous period of calm. Prices initially spiked $11 on low volume during Easter Sunday. Today saw all those gains evaporate and then some. This pattern was repeated in LTC as well. After an inital spike to $3.30, prices are back to their starting point at $3.18 dollars per coin.

Bitcoin Spikes on Easter

As noted above, BTC/USD spiked on Easter Sunday. The move looks like a classic breakout on low volume. The false break was confirmed when prices retraced heavily today, erasing all the gains. We are currently quoted at $412.60 dollars, even below yesterday’s open at $415.50.

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Both Peercoin and Namecoin settled back into a trading range this week. Peercoin is currently trading at $0.472 dollars, down 3.7 percent since Thursday. Namecoin had a wild ride this week, first falling to a low of $0.434 before rallying over 13% today alone. We are currently quoted at $0.496, up 5 percent since last Thursday.

Peercoin Ends Fragile Uptrend

Peercoin ended its fragile uptrend this week. While we didn’t get a decisive break below 45 cents (prices dipped briefly to $0.447 dollars), the loss of momentum pushed prices back into range-bound territory. Let’s take a look at some levels.

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For the past two weeks both Bitcoin and Litecoin have been stuck in a relatively tight ranges. Compared to last Tuesday, BTC/USD is down by only 1 percent, from $415 to $410.74. Litecoin is down by a larger 3 percent, from $3.28 to $3.18 dollars per coin. But let’s start with big brother and we’ll get back to LTC later in the article.

Bitcoin Little Changed as Range Continues

Like we noted above, Bitcoin is barely changed since last Tuesday. The total range during the past seven days is only $13.47 dollars, or just above 3 percent. On the chart below this range in marked with a yellow rectangle. As you can probably deduce the size of this range, no major levels were broken since our last BTC update.

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Both Peercoin and Namecoin are slowly drifting lower. Peercoin is down by 4.9 percent compared to last Thursday. The losses were much larger for NMC however, this coin is trading lower by 17 percent.

Bumpy Road for Peercoin

The bumpy rally continues for Peercoin. In the past week prices topped out at the 57 cents level and have been under pressure since. We noted this figure as a potential strong resistance in our previous articles. Above here we find resistance at the $0.616 swing high, followed by $0.932 and the parity level at $1 dollar. Because we have a large gap from $0.616 to $0.932, resistance levels are likely to emerge in between, potential candidates are the round levels at $0.70, $0.80 and $0.90 dollars per coin.

Read More https://blog.fxopen.com/namecoin-peercoin-drift-lower/

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Both bitcoin and litecoin have stayed ranged-bound since their uptrends ended last week. Bitcoin has been moving in a relatively tight range between $408 and $422 dollars. The crypto is currently quoted at $415 dollars per coin, only 1.2 percent higher since last Tuesday. Litecoin moved between $3.20 and $3.36 dollars and is quoted at $3.28 right now.

Bitcoin Waits for Direction

After the end of its rally last week, BTC/USD has traded undecided. Like we said above, since last Tuesday we traded between $408 and $422. But during the past four days we saw this range narrow further to only $10 dollars. With ranges you can never be sure when prices will break out, but it pays to be prepared so let’s take a look at some levels.

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While bitcoin prices stayed mostly unchanged during the past four days ($413 right now), both Peercoin and Namecoin are trading higher. Peercoin is up by 7 percent to $0.516. But the big mover this week was Namecoin, currently trading at $0.583 or 40 percent higher compared to its price last Thursday. The two altcoins have now switched places, with NMC climbing on top on a per coin basis.

Peercoin Higher by 7 Percent

Alternative cryptocurrency Peercoin is trading higher to 51.6 cents right now. This is a gain of over 7 percent compared to one week ago. On the chart below we can see that the current uptrend hasn’t been a smooth ride. Last Saturday we dropped to a low of $0.451, just above the 45 cents level noted in our previous article as a potential trend breaker.

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In the past week both bitcoin and litecoin have ended their uptrend. Bitcoin bears barreled past the important $410 swing low, pushing prices to a low of $393.99 before a rebound occured. Litecoin fell to a low of $3.125 before stabilizing somewhat.

Bitcoin Breaks $410 Dollars

Bitcoin broke below the important $410 swing low last Saturday. In the selling that followed, a low close to $394 dollars per coin was hit. We have since rebounded somewhat with prices trading around $410 dollars at the moment.

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Peercoin rallied sharply today, from $0.455 to a high of $0.498 before retracing. This on a day where big brother bitcoin dropped $7 dollars to $423 dollars per coin. Smaller altcoin Namecoin is down as well, albeit slightly.

Peercoin Rallies by 9.4 Percent

Peercoin was up by close to 10 percent today, hitting $0.498 before the sellers stepped back in. We are currently off 1.8 cents from the highs at 48 cents per coin. This is still up 5.5 percent on the day. On the chart below today’s surge is clearly visible.

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Bitcoin edged higher in the past week, rallying from $421.98 to $433.57 dollars, a gain of 2.7 percent. However this didn’t translate into gains for for the wider altcoin market. Litecoin is trading little changed at $3.37 dollars per coin. Namecoin is little changed since last Thursday and Peercoin is down by 3.6 percent. But let’s start with BTC first.

Bitcoin Gains 2.7 Percent

Bitcoin rallied from the lows at $413.40 reached last week. From low to high, the gains have been over $24 dollars or just under 6 percent. From the noted price last Tuesday, BTC/USD is trading higher by 2.7 percent.

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Not much has changed in cryptoland during the past two days. Bitcoin is currently quoted at $422.14, only 16 cents above Tuesday’s price. Litecoin is trading at $3.34, down 3 cents compared to two days ago. But in the days prior to Tuesday, both Peercoin and Namecoin broke out, with different results. Let’s go over PPC/USD first.

Peercoin Up 2 Percent

Peercoin broke out above the $0.467 level last weekend and proceeded to rally to a high of $0.496. The gains here stopped, partly because of the important $0.50 round figure, noted in our previous PPC article. But the major reason behind the retracement back to $0.456 was bitcoin’s crash on February 23rd.

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Since our last BTC update on Thursday, prices rallied an extra $25 dollars to hit a high close to $450 dollars on most exchanges. This propelled its little brother Litecoin to join the rally. But in the past three days both cryptos have retraced somewhat. Let’s start with big brother first and we’ll come back to Litecoin later.

Bitcoin Retraces Over $30 Dollars

Bitcoin retraced over $30 dollars from the highs reached on February 21st. We are currently quoted at $421.97 on Fxopen, slightly above the lows reached earlier in the session. On the chart below we can see that in the grand scheme of things, this retracement is not very large. (Note that due to an outage at FxOpen/BTC-E, this chart doesn’t capture the entire rally to $448-$450.) Bitcoin has rallied over $70 dollars from a low of $374.08 on February 9th. After such a strong rally, a sharp correction was inevitable at some point.

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Altcoins are still undecided as bitcoin continues the march higher, gaining $17 dollars or just over 4 percent since Tuesday. Prices hit $424.99 dollars per coin minutes ago, nearing the swing high at $425.50. We are currently quoted at $424 dollars flat. But let’s start with Peercoin first and we’ll come back to BTC later on.

Peercoin Nearing Breakout Point

In the past week, PPC /USD has gained 3.7 cents or 9 percent. With the recent gains PPC is nearing its upper breakout point, marked on the chart below.

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After several weeks of range-bound trading, bitcoin finally managed to string together some gains. Prices are up $34 dollars since bottoming out at $374.08 last Tuesday. Meanwhile its little brother Litecoin is gaining ground as well, albeit to a lesser extent. But let’s start with bitcoin first.

Bitcoin Downtrend Ends

During the weekend BTC prices broke past the $392.50 swing high, ending the previous downtrend. And today we look set to break to new highs as bitcoin enters rally territory. On the chart below this slow creep higher is clearly visible. What are some of the important levels to watch?

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Most of the altcoin market continues to trade in a range. Peercoin is down by 1.3 cents compared to last Thursday while Namecoin is trading almost unchanged at $0.401 dollars per coin. The lull in market action is likely caused by bitcoin’s decreasing volatility. We’ve touched a bit on the reasons behind this in our recent article.

Peercoin Falls by 3 Percent

Alternative crypto-currency Peercoin is trading lower by 3 percent this week. On the chart below we can see that after a brief spike last Thursday, PPC/USD has resumed the slow downward slide. But what we said in last week’s article continues to apply, we’re nowhere near the two important breakout points for PPC.

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Cryptocurrencies stayed more or less range-bound during the past few days. A larger factor contributing to this were the Chinese New Year holidays. Bitcoin is currently quoted at $378.01, not even 50 cents above its price this time last week. Meanwhile Litecoin is trading at $3.08 dollars per coin, practically unchanged for the week.

Bitcoin Volatility Eases Into the Chinese New Year

We’ve seen a noticeable drop in daily volatility during the past few days. Most of the largest bitcoin exchanges are based in China/Hong Kong and they’ve announced that USD deposits will not be processed until next Monday, February 15th. Deposits in Chinese Yuan will continue to be processed, albeit at a slower pace.

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Both Peercoin and Namecoin have snapped their multi-day losing streak after BTC spiked higher two hours ago. Peercoin is currently up by 1 cent on the day, or about 2.4 percent. Rival coin NMC is up by 1 cent as well to $0.407 dollars.

Peercoin Higher by 2.4 Percent

As noted above, alternative cryptocurrency Peercoin is trading higher today. This is mostly due to big brother bitcoin surging by $16 dollars to $385 dollars per coin, or just over 4 percent. But taking a more long-term view, PPC is nowhere near staging a new rally, or a downtrend for that matter. As we can see on the chart below, we are currently quoted at $0.42, over 6 cents away from both breakout points.

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Bitcoin and Litecoin continued the slow drift lower in the past seven days. On Thursday and Friday BTC/USD fell by close to $30 dollars, from $395.86 to a low of $366.50. Litecoin declined by 26 cents during those two days, from $3.26 to $3 dollars flat. Since then however, both cryptos have remained stable, albeit with a bearish bias. But let’s start with big brother bitcoin.

Bitcoin Falls $30 Dollars

Bitcoin’s decline of close to $30 dollars last week continues the trend lower for the cryptocurrency. We are currently quoted at $377 dollars per coin and we’ve stayed around these prices for the entire trading day. On the daily chart below we can see that despite the sharp rallies in between, the trend for BTC prices has been lower for the past few weeks.

Topic: Cryptocurrency Analytics from FXOpen - page 31. (Read 42644 times)