Cryptocurrency Analytics from FXOpen - page 36.

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Bitcoin has taken a step back since our last update. Prices fell $2 dollars on Tuesday and a further $5 dollars in the early hours of today’s trading session. We have since pared some of the losses and BTC/USD is currently quoted at $232 per coin. Meanwhile the recent downmove caused altcoins to fall as well. Peercoin is now back to trading at $0.21 while Namecoin is hovering just above 30 cents. Litecoin seems to be holding its own, losing only 0.7 percent since Tuesday. But even LTC should go down if bitcoin breaks some of its important support levels. For more on this, take a look at our previous article HERE.

Peercoin Back to 21 Cents

Alternative cryptocurrency Peercoin is back to trading at 21 cents, $0.218 to be exact. The crypto has declined by 5.2 percent since Tuesday but despite the losses, no major levels have been broken yet, as can be seen on the chart below.

Read More https://blog.fxopen.com/peercoin-back-to-21-cents-nmc-hovers-above-0-30/

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Bitcoin is testing the important swing resistance at $243/$244 dollars per coin. The high, initially hit on April 28th during a 1 hour spike, is proving to be of a more permanent character and remains unbroken after two failed attempts. While bitcoin was struggling to break above $244, Litecoin had the same issue with $1.50. But let’s start with big brother first.

Bitcoin Tests $244 Resistance

Bitcoin failed to breakout above $244 on April 30th and May 3rd. In both cases, prices barely broke the previous high by less then 20 cents before falling back. We are currently trading at $236 dollars per coin, substantially below the $244 mark.

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While altcoins followed bitcoin’s spike higher on Tuesday, most have since given up the gains. Namecoin is back to trading range-bound while Peercoin retested the 21 cents mark again.

Peercoin Retests $0.21 Low

Alternative cryptocurrency Peercoin has been skirting on the $0.21 mark since our update last week. As we noted in that article, the whole area from $0.20 to $0.213 should be considered as one large support level. Peercoin has tested this support two times. The first occurrence saw the crypto trading as low as $0.211 before rebounding to $0.237 on bitcoin’s spike. But PPC/USD quickly surrendered its gains and yesterday retested the 21 cents mark again, trading to a low of $0.217. We are currently quoted very close to yesterday’s low at $0.218 per coin.

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Bitcoin prices spiked on Fxopen today, reaching a high of $243.71 before falling back. Somewhat surprisingly, the move higher was muted on other BTC exchanges. Most of them topped out near $230 per coin. Alternative cryptocurrency Litecoin bounced off the $1.46 mark and headed lower, staying in a downtrend.

Bitcoin Spikes to $243

Prices on Fxopen spiked to $243 per coin today. What’s even more perplexing about this move is that it happened in under one hour. Bitcoin rallied from $224.40 to $243.71 in only 45 minutes. Fxopen uses BTC-E prices. We still don’t have a satisfactory explanation about the spike. Several theories have been floating around, ranging from panic buying by Russians ahead of a potential ban to a hacked account on BTC-E.

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Both bitcoin and litecoin have rallied strongly during the past few days. While the BTC gains were mainly the result of a large margin call, LTC followed suit, despite no margin calls of its own. But let’s start with big brother first.

Bitcoin Spikes on Margin Call, Follow-through Lacks

Bitcoin spiked $8 dollars in 8 minutes on April 21st. The surge happened right at the open of the last hour of the trading session. As prices rallied, a large $3 million dollars margin call was issued on OKCoin futures. As you might imagine, the call triggered more gains with prices rallying $5 dollars in the two minutes it took to execute the order. The OKCoin futures rally had a ripple effect across all other sites, including FxOpen. Here we rallied from $222.74 to a high of $230.35 in eight minutes. The Tuesday gains were followed by a smaller sized move yesterday with BTC/USD peaking at $236.56 before falling back.

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I may be wrong...
But you guys should know that a few Alts and stuff were launched after 2013.

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It has been an uneventful five days in crypto-land. Since our last update on Thursday, bitcoin traded in a tight $10 dollars range between $218 and $228. Litecoin followed big brother, creating its own congestion area between $1.34 and $1.43 per coin. Namecoin finally stabilized after an unexpected surge in prices of over 50 percent. But let’s start with Peercoin.

Peercoin Breaks Yearly Low, Goes Flat

Since our last Peercoin update on Tuesday, the alternative cryptocurrency broke down below the yearly low of 24 cents to hit a fresh low at $0.213. Since then however, PPC has been trading more or less unchanged and is currently quoted at $0.227 per coin.

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Cryptocurrencies stabilized across the board since our last update. Bitcoin has retraced some of the losses and is currently trading at the $224 mark. Litecoin has risen about 6 cents from the lows while Namecoin surged higher earlier in the day to a high of $0.461. But let’s start with big brother first.

Bitcoin Retraces $10 Dollars

Everyone’s favorite cryptocurrency retraced $10 dollars since reaching a low of $213.98 on Tuesday. Prices have been rallying for two days now and we are currently quoted at $224.50. Here’s a daily chart outlying the various important levels for bitcoin.

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The losses for altcoins intensified yesterday after bitcoin cleared the support near $234 per coin. Prices fell from $232 to $219 in four hours before stabilizing somewhat. This had a knock-on effect on smaller cryptocurrencies. Litecoin lost 10 cents or close to 7 percent during that same period while Namecoin fell by 4.4 percent. But let’s start with an analysis on Peercoin.

Peercoin Tests Yearly Lows

Last week we left PPC at $0.308, just above the 30 cents support level. Since that update, Peercoin broke below the range low and hit a new yearly low of $0.227 on Sunday. But PPC/USD didn’t stay low for long and soon enough the crypto traded back above the $0.24 mark.

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Both Bitcoin and Litecoin are closing in on their interim lows. Big Brother is trading 3 percent above the $234 swing low, while LTC is quoted just 0.40 cents above the $1.60 mark.

Bitcoin Nearing Support

Bitcoin prices are nearing the interim support level at $234 after yesterday’s losses. We are currently quoted at $241.71 per coin. The $234 support is marked with yellow on the chart below. The move appears to be largely technical as there have been no important news that we can blame for the recent sell-off.

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The altcoin market continues to trade very weak. Peercoin and Namecoin made little gains during the bitcoin rally from $235 to $258. But both altcoins fell substantially once big brother closed in the red. We have seen this pattern play out during the previous BTC move up to $300 and now we’re seeing it again. Yesterday BTC/USD closed down by $4.72 dollars, or 1.88 percent. Peercoin on the other hand, fell by 5.5 percent and Namecoin’s losses exceeded 2% yesterday and a further 5 percent today.

Peercoin Down by 5.5 Percent

Peercoin prices fell from $0.323 to $0.305 yesterday, a decline of 5.5 percent. But despite the losses, PPC/USD is still trading just above the low of its range at $0.308 per coin.

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Bitcoin’s indecisiveness is spilling over into the altcoin market. Everyone’s favorite cryptocurrency has been ranging for the past nine days, stuck between $234 and $253 per coin. Peercoin followed big brother’s range-bound movement. And while Namecoin broke below the low of its range, it is still above the important yearly low at $0.379.

Peercoin Still in Range

Alternative cryptocurrency Peercoin is still trading in a range between a low of $0.30 and a high at $0.50. Since our last update on PPC one week ago, the pair has been stuck between $0.312 and $0.339 per coin. While we have fallen somewhat by 2 cents to $0.318, the altcoin is still trading above its lows.

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After ending the rally with a trendline break, bitcoin has switched its attention to the downside. A push lower on March 25th carved out a low at $235. From here we rallied a bit to $252 per coin but soon the sellers came back in force, pushing the pair down again. We hit a low $234.08 this time around. The market continues to be undecided however as the lows were short-lived. We are currently quoted at $241.06.

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Bitcoin’s move lower lead to losses across the board. While altcoins held back during the BTC rally, they fell along with big brother this week. Both Peercoin and Namecoin are pushing on the lower bounds of their trading ranges.

Peercoin Hits 32 Cents but Still in Range

Alternative cryptocurrency Peercoin hit a low of 32 cents yesterday. This is just 2 cents away from the lower bound of the range at $0.30. Since then we have retraced somewhat with PPC/USD currently quoted at $0.341.

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Bitcoin is little changed since our last article last Thursday. The virtual currency ended the rally last week and it’s been trading in a range between $250 and $266 for the past five days. Litecoin on the other hand, never had its rally. The altcoin tested the low of its range at $1.66 but failed to break lower.

Bitcoin Traders Wait for Next Move

Bitcoin prices have been stuck trading aimlessly up and down in the past few days as traders are waiting for the next big move. The winding down of the rally took out any momentum from the moves.

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Cryptocurrencies fell across the board yesterday as bitcoin had a large $28 dollars (around 10%) loss. Litecoin fell just over 10 percent as well, while PPC lost 8% and NMC went down by 9.1%. The altcoins continue the losses today as well, following big brother lower.

Bitcoin Rally Ends

The Bitcoin rally ended yesterday after the crypto closed down by $28. The pair continued to clock losses today, falling to a new two-week low of $243 flat. We have since retraced some of the losses with BTC trading back above the $250 mark.

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Since our last update, bitcoin had a healthy retracement of $25 dollars after its bounce at $300 dollars. This led us to a low of $274 per coin, a down move of over 8 percent. While altcoins have failed to keep up with the BTC/USD rally, they had no problem following big brother lower. Peercoin went down by 7%, Namecoin by 9% and Litecoin by 6 percent during bitcoin’s retracement. Most coins have retraced some of the those losses however, with both Bitcoin and Litecoin getting close to its previous highs.

Bitcoin Nears $300 Again

After a sizable 8 percent retracement, bitcoin is getting close to the $300 figure again. We are currently quoted at $288 dollars per coin, just 4 percent away from this important round number. As the daily chart below shows, $300 has held up 3 previous rallies. The BTC move up on January 7th stopped at $301.01. The rally on January 26th ended at $303.30, while the most recent bounce last week stopped at $298.999.

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The divergence between bitcoin and altcoin prices continues. While BTC/USD hit a new high of $298.99 on Tuesday, Peercoin and Namecoin are still trading well inside their ranges. While Litecoin has been pushing on the high of its congestion area at $2 dollars, it is still unable to break it.

Bitcoin Bounces Off $300

Bitcoin bounced off the important $300 level late on Tuesday. We’ve noted this area as important resistance so it’s not surprise that prices stopped to catch their breath here. The chart below shows why $300 is important.

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The rally in bitcoin prices continues. Yesterday BTC/USD broke past $276 per coin and moved up to a high of $289.89. Today the move up extended with BTC making a new high at $293.70. But altcoins are still trading weak and seem unwilling to follow big brother higher. Both Peercoin and Namecoin are still well within their trading ranges. And while Litecoin briefly broke $2 dollars today, it has yet to clear the area and rally higher.

Litecoin Pushing on $2 Dollars

Alternative cryptocurrency Litecoin has largely missed the substantial bitcoin move up. Since prices broke out of the range at $266 on March 2nd, bitcoin has been in rally mode. Litecoin on the other hand has yet to break free from its congestion area. The daily chart below shows this range with a yellow rectangle.

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Bitcoin broke the important $266 mark on Tuesday and rallied higher to $282.99. But altcoins haven’t followed big brother higher. While they did move up somewhat on Tuesday and Wednesday, altcoins remain well inside their congestion areas. Litecoin continues to trade between $1.66 and $2 dollars per coin. Peercoin and Namecoin are stuck in their own ranges as well.

Peercoin Still in Range Between $0.30 and $0.50

Alternative cryptocurrency Peercoin is still trading in its range between 30 and 50 cents per coin. Prices are currently quoted at $0.378, just 1.5 cent higher compared to last week.

READ MORE https://blog.fxopen.com/altcoins-disregard-bitcoins-rally/

Topic: Cryptocurrency Analytics from FXOpen - page 36. (Read 42644 times)