Cryptocurrency Analytics from FXOpen

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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/

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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/

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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/

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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.



READ MORE https://blog.fxopen.com/namecoin-bounces-off-0-55-peercoin-stil-in-range/


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READ MORE  https://www.fxopen.com/en/fxopens-new-prize-draw-get-a-fxopen-coin

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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/

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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/

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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.

Read More https://blog.fxopen.com/bitcoin-rally-continues-but-altcoins-still-weak/

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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.

Read More https://blog.fxopen.com/bitcoin-bounces-off-300-litecoin-still-below-2/

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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.



Read More https://blog.fxopen.com/bitcoin-retraces-altcoins-still-unable-to-rally/

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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.


Read More https://blog.fxopen.com/cryptocurrencies-fall-as-bitcoin-rally-ends/

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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.



Read More https://blog.fxopen.com/bitcoin-little-changed-litecoin-tests-1-66/

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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.


READ MORE https://blog.fxopen.com/peercoin-namecoin-pushing-on-lower-bounds/

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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.


Read More https://blog.fxopen.com/bitcoin-pushing-on-support-ltc-below-1-66/

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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.



Read More https://blog.fxopen.com/peercoin-rangebound-namecoin-above-yearly-lows/

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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.



READ MORE https://blog.fxopen.com/altcoins-follow-btc-down-but-refuse-to-rally/

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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.




Read More https://blog.fxopen.com/bitcoin-litecoin-close-in-on-lows/

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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.


Read More https://blog.fxopen.com/peercoin-tests-yearly-lows-namecoin-continues-downtrend/

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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.



Read More https://blog.fxopen.com/cryptocurrencies-stabilize-but-downtrends-remains-in-place/

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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.


Read More  https://blog.fxopen.com/peercoin-breaks-yearly-low-namecoin-stable-after-spike/