Cryptocurrency Analytics from FXOpen

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Cryptocurrencies are getting close to their lows for this year. Bitcoin’s fall during the last two days reverberated in the cryptocurrency arena. In the early part of today’s trading session, BTC/USD broke the $339 support level and fell to a low of $332.51. At the same time, Litecoin broke $3.40 per coin and is nearing $3.05. Both cryptos have since recovered the losses. Namecoin is trading at the $0.85 mark, just 10 cents above its 2014 low.

Litecoin Breaks Important Support at $3.40

Today Litecoin broke the important $3.40 support level. The move lower sent LTC prices to $3.34 before a recovery rally reversed the losses.



Full Post https://blog.fxopen.com/cryptocurrencies-getting-close-to-2014-lows/

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Since our last update, BTC prices fell as the Microsoft induced rally fizzled out. Bitcoin is now trading just above the $332 swing low. Peercoin and Litecoin have hit new multi-month lows. Alternative cryptocurrency Namecoin however is still trading strong, up over 6 percent since Thursday.

Bitcoin Nears $332 Again

Bitcoin is currently quoted at $333.77, just shy of the important $332 swing low. The move up sparked by Microsoft accepting BTC for some payments stopped at $356 and it’s been downhill ever since. In a pattern we’ve seen several times this year, after the initial euphoria ended, prices have come back down to erase all gains.



Read more https://blog.fxopen.com/namecoin-strong-as-market-rout-continues/

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Cryptocurrencies are continuing the downward spiral. Since our last update two days ago, bitcoin broke the $332 swing low. After a short struggle with the bulls, the second swing low at $319 also gave way, opening the door for $300. We are currently quoted at $308.72. As expected, bitcoin’s decline reverberated across the cryptocurrency space, sending Litecoin and Peercoin to new 2014 lows.

Namecoin Joins the Downtrend

Despite the Namecoin rally on Monday, the fall in BTC prices sunk all ships. On Tuesday we said: ‘’ Despite Namecoin’s gains yesterday, the cryptocurrency should continue to trade in tandem with bitcoin’s fortunes. If BTC/USD falls below $330, it will be hard for NMC bulls to keep supporting prices.’’ As big brother broke $330 and $319, NMC/USD broke $0.85 and then $0.80.



Read more...https://blog.fxopen.com/litecoin-peercoin-hit-new-2014-lows/

[hobala]

all crypto currencies have downtrend now

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Bitcoin is pushing on the $332 mark after a five day rally lifted prices from a low of $304 on Friday. At the same time, other cryptocurrencies recovered but notably Litecoin continues to trade weak.

Bitcoin Pushing on $332

In the past two days prices had two unsuccessful attempts at breaking this level. Yesterday’s try fizzled out at $332.03. Today the bulls made more headway by pushing BTC to a high of $332.92. But their advance was quickly repelled and we didn’t even get an hourly close above $332.



 Read more.. https://blog.fxopen.com/bitcoin-pushing-on-332-litecoin-still-weak/

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December 25,

Since our last update , bitcoin prices eased up a bit after a failure to move higher. Tuesday’s push stopped short of breaking the $335 level at $334.46 and since then BTC has been in a steady slide lower. We are currently quoted at $319 per coin, about $15 dollars off the December 23rd highs. Bitcoin’s move lower translated to more losses for altcoins. Namecoin broke its yearly low of $0.75 yesterday and Litecoin continued the downtrend, falling to a new low of $2.67 today.

Namecoin Breaks 2014 Low

After hovering above $0.75 for a couple of days, alternative cryptocurrency Namecoin broke the important yearly low yesterday. The fall hasn’t had much follow-through as of yet, NMC is trading at $0.738 at the moment.



 Read more  https://blog.fxopen.com/namecoin-breaks-yearly-low-peercoin-flat/

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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/

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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/

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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/

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

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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/

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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/

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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/

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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/

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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/

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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/

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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/

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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/

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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/

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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/