Topic: Cryptocurrency Analytics from FXOpen - page 37. (Read 42586 times)

Bitcoin is trading right around the important $266 level. Despite several hourly closes above $266, the bulls still haven’t managed to clear the area and push prices higher. But the longer BTC lingers around this mark, the more odds increase for a breakout. Bitcoin’s little brother, Litecoin, is still stuck in its range.

Bitcoin Flirts With $266

As we’ve mentioned several times before, $266 is one of the key numbers to watch for bitcoin. A clear breakout above could see prices rallying toward the $300 round figure. The $303 swing high, reached on January 26th, will be the next important line in the sand. A rally past this level may push BTC/USD to $334 per coin.



READ MORE https://blog.fxopen.com/bitcoin-flirts-with-266-litecoin-deep-inside-range/

Not much has changed since our last update two days ago. Bitcoin is still stuck trading directionless around $230 per coin. Volatility continues to decline across the board as altcoins emulate big brother’s movements. In our article on Tuesday we hinted that market participants may adopt a ”wait and see” approach ahead of the third bitcoin auction scheduled for March 5th (7 days from today). While it seems implausible that crypto markets will remain subdued for another week, taking into account that we’re already experiencing very low volatility, stranger things have happened. Keep an eye on the levels we will share below and don’t try to preempt the eventual breakout.

Namecoin With Another Bounce Near $0.55

Alternative cryptocurrency Namecoin had another bounce near the important $0.55 mark. On Tuesday prices traded as high as $0.539 before falling back. The crypto has been trading in a range between $0.40 and $.55 for the past month, as can be seen on the chart below.



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Cryptocurrencies have been trading aimlessly during the past 7 days. Bitcoin is locked in a small range between $225 and $243. Litecoin has been trading between $1.72 and $1.86 all week. The markets are waiting for the next directional move.

Bitcoin Trading in 7 Percent Range

Bitcoin has been trading in a small 7 percent range between $225 and $243 since February 17th. With the next BTC auction scheduled for March 5th, market participants may prefer a ”wait and see” approach. While the initial announcement last week had little effect on the bitcoin price, the auction itself may be a different matter altogether.



READ MORE https://blog.fxopen.com/cryptocurrencies-waiting-for-next-move/

Altcoins are trading stable after big brother bitcoin shrugged off yesterday’s announcement for a new bitcoin auction. The US Marshall Service will sell 50,000 BTC that used to belong to Ross Ulbricht, the now convicted mastermind behind Silk Road 1. After this sale the USMS will have 44,000 coins left in its possession. The auction will occur on March 5th as and usual, it will be in two parts: Series A (10 blocks of 2,000 bitcoins), and Series B (10 blocks of 3,000 bitcoins).

Bitcoin dipped around 1.5 percent on the news but has since recovered the losses and is back to trading above the $230 figure. This market reaction contrasts with the major sell-offs we saw during the previous two auction announcements. It remains to be seen what will happen in the lead up to the auction. In previous instances, the sell-off (which didn’t happen here) was countered by a rally that nullified the losses but ultimately the direction was determined by the result on auction day. Market participants may adopt a ”wait and see approach” and hold off on making decisions until after March 5th. The technical levels to watch are $266 on the upside and $210 on the downside. A move above $266 would restart the rally. Reversely, a break below $210 would likely end it. A further move below the $200 round figure may trigger a new downtrend in BTC prices.

Namecoin Bounces Off $0.55

Alternative cryptocurrency Namecoin bounced right off the $0.55 level on Sunday. The $0.550 high was reached right as bitcoin bounced off the important $266 mark. The bounce confirms the importance of both of these levels as a potential breakout points.



READ MORE https://blog.fxopen.com/altcoins-stable-after-bitcoin-shrugs-off-auction-announcement/

Bitcoin volatility jumped as prices rallied $50 dollars since our update last week. But the move up stopped abruptly at the $266 mark and prices retraced nearly all the gains in Sunday’s trading session. The same boom/bust pattern can be seen in other altcoins as they followed big brother, first up, then down.

Bitcoin Rally Stops at $266

The rally in BTC stopped at the $266 mark. After being ignored by prices during the last rally, this important level has reemerged in prominence this week. Right after hitting a high of $265 flat, bitcoin fell over 50 points to a low of $221.74 on Sunday. Why is $266 important?

The $266 mark was the swing high reached during the April 2013 rally. It then stayed as the highest high for BTC/USD from April to November of 2013. The second massive rally in November 2013 started after we had breakout above $266. It eventually led to prices of $1090 on November 30th 2013. The large down-move in January of this year happened after $266 gave way on January 13th. Bitcoin fell over almost $100 dollars in the next three days. And now we can add the most recent rejection of prices on February 15th to this mix. Here’s an updated longterm price chart.


READ MORE https://blog.fxopen.com/bitcoin-volatility-jumps-but-rally-falters-at-266/

Not much has changed in cryptoland since our last update. As BTC prices stay stuck in a range, volatility continues to decline. Bitcoin’s daily range shrunk to only $6 dollars yesterday and the effect can be left across all altcoins.

Peercoin Calms Down After Wild Ride

Alternative cryptocurrency Peercoin had a wild ride on Tuesday as prices first rallied 50 percent to a high of $0.475, then fell 31% to a low of $0.324 before eventually stabilizing around 36 cents per coin. But even PPC has calmed down as bitcoin volatility shrinks to levels not seen since the Christmas holidays season.



Read more https://blog.fxopen.com/peercoin-calms-down-namecoin-still-in-range/

Cryptocurrencies are continuing the range-bound trading. Bitcoin spent the last 7 days between a high of $240 and a low of $208. Similarly, Litecoin formed its own congestion area between $1.66 and $1.94. Peercoin had a wild ride, first rallying over 50 percent to a high of $0.475, then falling 31% to a low of $0.324. But ultimately, despite the large moves PPC is trading undecided at $0.382 per coin.

Bitcoin Range Continues, Volatility Shrinks

The range established last week continues with bitcoin prices stuck between a high of $240 and a low of $208. During the past 7 days BTC/USD traded in an even narrower range between $227 and $211. The decrease in volatility can be easily seen with the ATR (Average True Range) on the chart below.

Read More https://blog.fxopen.com/cryptocurrencies-continue-range-bound-trading/

Bitcoin’s inability to break out of its range had a stabilizing influence on altcoins. Both Peercoin and Namecoin have formed new congestion areas that may (in the future) become staging grounds for a breakout either up or down. Namecoin is trading between $0.44 and $0.50 while PPC has been locked between $0.30 and $0.375 per coin.

Peercoin Follows Big Brother

Alternative cryptocurrency Peercoin followed bitcoin first higher then lower as both cryptos experiences two false breakouts. This led to the establishment of the new range boundaries at $0.30 on the bottom and $0.375 on the top.


Read More https://blog.fxopen.com/peercoin-namecoin-follow-big-brother-in-range/

Everyone’s favorite cryptocurrency hit new multi-day highs at $240.44 today. This is above the previous BTC swing high reached on January 30th at $234.99. Other altcoins followed suit but many were unable to break higher and remain locked in a range. But despite the bitcoin’s gains today, the $300 round figure continues to be key in the battle to generate a new rally.

Bitcoin Hits $240 but Key $300 figure Far Off

After peaking at $240.44 today, BTC/USD fell back and is currently quoted at $236.48. The lack of follow-through after the break of $235 should worry the bulls. We already saw one failed attempt to break out of the range on the low side. Two days ago BTC fell to a low of $208, below the previous swing at $212. But prices quickly reversed to close slightly up on the day at $225. Today that move up continued to $240. There is a chance that the bulls may get trapped in a similar manner as the bears did below $212.



Read more https://blog.fxopen.com/bitcoin-hits-multiday-highs-but-300-remains-key/

Cryptocurrencies reversed almost all of the gains made in the previous couple of days. Bitcoin is currently trading at $217 per coin, a far cry from the $300 round figure it hit just three days ago. Litecoin is trading 25 percent off its high at $2.40 and Namecoin is quoted at $0.46, almost 20 cents lower compared to it’s price on Monday. In our article last week we hinted that the current rally may be unsustainable. On Tuesday we cautioned our readers again: ”While the initial move above $266 was bullish, the massive rollback means that bitcoin is now back into uncharted territory. To resume the rally, BTC/USD will need to climb above $303 per coin.”

Namecoin Reversed All Gains

Alternative cryptocurrency Namecoin reversed all of the gains from the preceding rally. Prices hit a high of $0.653 on Monday but by mid-day on Thursday we were trading back down to $0.462 per coin. The significant move up followed by a complete rollback leaves us with no clear direction going forward.



Read More https://blog.fxopen.com/cryptocurrencies-in-full-reversal-mode/

Cryptocurrencies continue to experience high volatility after the Coinbase-induced rally fizzled out yesterday. Bitcoin hit a high of $303 before descending to a low of $241.09 today. Peercoin peeked at $0.517 before falling back and Namecoin hit $0.653 in yesterday’s trading session.

Coinbase Announcement Triggers Rally

Bitcoin hit a high of $303.30 yesterday as Coinbase launched their new exchange. The company managed to secure regulatory approval to operate in 24 US States so far. These include New York and California. The fact that the new Coinbase exchange will be available to NY residents probably means that the company is already in compliance with the proposed ”BitLicense” framework. The New York Department of Financial Services is expected to implement the new cryptocurrency rules in the first quarter of 2015. Trading on Coinbase will be free until March 30th, after that, the exchange will implement a market maker/taker formula. Market makers, traders that add liquidity by placing orders in the orderbook, will continue to trade without fees. Market takers will be charged 0.25 percent.

Bitcoin Hits $303 but Falls at 9 AM EST

The initial Coinbase announcement was planned for 9 AM EST. The company even made a special webpage for the launch called Lunar, with a caption that said only ‘’To The Moon’’ and a timer set to run out on January 26th at 9 AM. But for whatever reason, the Wall Street Journal was given the story almost a day early and published the news ahead of time. This led to a rally across the board. Then as 9 AM rolled around in a classic ‘’buy the rumor sell the fact’’ BTC/USD got sold aggressively. Prices fell from $294 to a low of $250 in two short hours.



Read More https://blog.fxopen.com/high-volatility-as-coinbase-rally-fades/

Cryptocurrencies rallied across the board yesterday, bid up after bitcoin broke out above the $226 swing high. Litecoin gained over 10 percent, Namecoin is up by 6.9% and Peercoin moved higher by 3 cents, from $0.30 to $0.33. But will the rally last? Altcoins say no as all three major currencies (LTC,NMC and PPC) have yet to break their previous swing highs.

Coinbase Raises $75 Million

The reason why the rally is more pronounced in BTC/USD may be due to the Tuesday announcement that bitcoin payment processor Coinbase raised $75 million. This is the biggest amount raised in a single funding round by a cryptocurrency firm. It puts the implied valuation of Coinbase at a large $400 million dollars. But what’s even more impressive is the list of investors that include the New York Stock Exchange, USAA and BBVA Bank as well as former Citigroup CEO Vikram Pandit and former Thomson Reuters CEO Tom Glocer.

Bitcoin breaks $226 but will the rally last?

On the technical front, despite yesterday’s breakout, bitcoin is still in a medium and longterm downtrend. This is why caution should be exercised on any long positions. Furthermore, after the break we only rallied by about $7 dollars to a high of $233.80.



Read More https://blog.fxopen.com/cryptocurrencies-rally-but-doubts-remain/

Bitcoin and most cryptocurrencies stabilized after the large losses experiences last week. In BTC/USD prices are hovering around the $200 round figure, Litecoin is flirting with $1.30 and Peercoin is trading near 30 cents per coin. We expected this development, in our last update we wrote that the selling is likely overdone. Cryptos formed large V-shaped reversal patterns last week, indicating that losses are over, at least in the short-term. We also cautioned our readers that longs would be dangerous here due to the still prevailing long and medium-term downtrends.

Bitcoin Trading Around $200 per Coin

Big Brother Bitcoin has been trading above and below the $200 mark for the past few days. The top of this newly formed congestion area stands at $226 and the bottom is at $192.57.



Read more https://blog.fxopen.com/bitcoin-altcoins-stabilize-after-turmoil/

Cryptocurrencies hit new lows today as the losses accelerated. Bitcoin hit $162 per coin, Litecoin fell to a low of $1.05 and Peercoin was quoted at $0.24 few hours ago. As expected, the break of the important BTC/USD support at $266 sent bitcoin in a tailspin, falling over $100 dollars in two days, a loss of almost 40 percent! The altcoin meltdown was equally as damaging. As we’ve said before, $266 is a previous swing for BTC that was the highest high for most of 2013. It was also the breakout point for bitcoin’s latest major rally from $266 to a high of $1090. A break below here means that all the gains of that rally (and more) have now been invalidated.

Peercoin Falls 46 Percent

In our last PPC update one week ago, we mentioned that we would need to a see a break of $0.45 for a resumtion of the downtrend. Since then, the crypto fell below $0.45 and proceeded to lose over 46 percent, falling to a low of $0.24 earlier today. But there are signs that the selling may be overdone.



Read more https://blog.fxopen.com/cryptocurrencies-meltdown-but-selling-likely-overdone/

Altcoins have hit new lows across the board today as bitcoin broke the important $266 barrier. Litecoin broke $1.90 and is currently trading at $1.50 per coin. Peercoin cleared the $0.50 mark and is now quoted at $0.33. Even Namecoin, which was trading relatively stronger compared to other cryptocurrencies last week, fell precipitously.

Bitcoin Breaks Important $266 Level

Bitcoin cleared past the important $266 barrier today. Earlier forays below only got as low as $260 and $258. Today’s move lower translated into renewed losses as BTC/USD fell close to $40 dollars to $221 per coin before stabilizing somewhat. Buying one bitcoin will currently cost you $228 dollars.



Read more https://blog.fxopen.com/altcoin-market-rout-continues/

If bitcoin goes up then litecoin will probably go up. Maybe it's a good time to buy litecoin.

Crypto markets have continued to trade under pressure during the past two days. While bitcoin is slightly up compared to Tuesday at $282 per coin, both Litecoin and Peercoin continue to trade near two year lows.

Litecoin Unchanged, Still Weak

Alternative cryptocurrency Litecoin is still weak, with prices quoted at $2.02. This means that, measured from its breakout point, LTC is now trading below the 23.6 percent mark, the lowest of the Fibonacci retracements. In percentage terms, this amounts to just 6 percent above $1.8999, which is the two year low for Litecoin. The anaemic rebound in LTC/USD spells trouble for the bulls.


Read more..https://blog.fxopen.com/litecoin-peercoin-continue-to-trade-near-two-year-lows/

Cryptocurrencies Wait for Cues From Bitcoin - 06/01/2015

The rout in cryptocurrencies continued after a slower holiday period. On January 3rd BTC/USD broke below the important $300 round figure, triggering losses across all altcoins. Litecoin fared the worst, losing over 28% compared to bitcoin’s 20 percent. At the same time Peercoin cleared the half-parity level at $0.50 and Namecoin got close to its half-parity level by hitting $0.55.

Bitcoin Breaks $300, Hits $266

Bitcoin’s break of $300 led to a loss of $40 dollars in two days. But the important $266 figure is managing to hold the onslaught of the bears, at least for now. Prices bottomed out at $260 on Sunday but we have been trading flat ever since, with neither the bulls nor the bears having the upper hand.


Read more..https://blog.fxopen.com/cryptocurrencies-wait-for-cues-from-bitcoin/

30/12/2014- Cryptocurrencies in Limbo as Year Draws to a Close

Cryptocurrencies are entering a state of limbo as the year draws to a close. In the past two days bitcoin has been ranging in a tight $10 dollars area between $307 and $317. Litecoin is also trading flat, stuck between $2.64 and $2.74 per coin. Namecoin has been hovering around $0.71 since Monday, after losing 14 percent last week.

Bitcoin Ranging Between $307 and $317

Bitcoin spent the last two days ranging between $307 and $317. While the bias is undoubtedly down, the momentum lower has been stunted by repeated rejections of $300. The double bottom at $304 continues to be an important milestone for BTC.



 Read more https://blog.fxopen.com/cryptocurrencies-in-limbo-as-year-draws-to-a-close/