Cryptocurrency Analytics from FXOpen

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Bitcoin prices have somewhat stabilized around the $580 handle. Market participants are still waiting for more info from the hacked exchange Bitfinex before making up their mind. The technical bias, however, remains the same with both Bitcoin and Litecoin in a downtrend.

Bitcoin Traders Wait for Bitfinex

Bitcoin traders are still in a ‘wait and see’ mode after Bitfinex, the largest USD exchange by trading volume, got hacked last week. The exchange allowed read-only access on Sunday and is asking everyone to change their passwords and 2fa tokens. What everyone will notice right after they log in is that 36% of their assets have been replaced by a ‘BFX token’. This is a ‘haircut’ applied by Bitfinex to each account to compensate for the loss of over 100,000 Bitcoins.




Read More https://blog.fxopen.com/bitcoin-stabilizes-as-traders-wait-for-clarity/

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The crypto market is in wait-and-see mode. Bitfinex opened its doors yesterday and started the disbursement of funds but questions remain about feasibility of the restart. Bitcoin has been trading mostly range-bound for the past eight days with many altcoins following the same pattern.

A considerable amount of Bitcoins (close to 60k at the time of this writing) has already been withdrawn from the Bitfinex platform. Their newly issued BFX tokens are trading at a 70% discount right now. Hardly a vote of confidence from the market. And of course there are potential legal challenges to the scheme. This process continues to weigh on market sentiment.

Peercoin Slightly up but Downtrend Remains

Peercoin is currently quoted at $0.357 per coin, up just over 3 percent compared to last week. But the downtrend in PPC prices continues. To end it, the bulls will need to make a decisive push above the $0.379 swing high.



Read More https://blog.fxopen.com/crypto-market-in-wait-and-see-mode/

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After a week-long pause, both Bitcoin and Litecoin continue their respective downtrends. Big Brother is down by $19 or 3.3 percent while LTC is trading lower by 20 cents or 5.3 percent. As usual, we’ll go over Bitcoin first and go back to Litecoin later on.

Bitcoin Down by $19

After seven days stuck in a tight range, BTC/USD finally broke down on Sunday, trading as low as $556.66 before rebounding. We are currently quoted slightly higher at $564 per coin.


Read More https://blog.fxopen.com/bitcoin-litecoin-continue-downtrends/

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Alternative cryptocurrency Namecoin is testing an important support near the 28 cents level. Meanwhile, Peercoin continues a slow but steady decline.

Peercoin Down by 2 Percent

Peercoin is down by around 2 percent this week, from $0.357 to $0.35 per coin. We’re now hovering above a 13-day support near 34 cents.

Read More https://blog.fxopen.com/namecoin-testing-important-support/

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Bitcoin prices fell today after the news that the latest auction attracted only 5 bidders. This compares to 11 bids last November.

Bitcoin down Today but up on the Week

While Bitcoin is up by $20 during the past seven days, prices have fallen today on the weak auction results. As usual both the identity of the winner and the price per BTC paid is unknown, so the only stat we have to go by is the number of bids. Logically, a lower number is likely to mean lower bidding prices. You can read more about the auction



Read More https://blog.fxopen.com/bitcoin-falls-on-auctions-results/

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Hello, readers. From this week on, we will include two new cryptocurrencies in our weekly updates: Dash and Ethereum. This will be done on a rotation basis. We’ll cover DSH and ETH today, while next week we’ll be back with the usual currencies Namecoin and Peercoin.

Dash Pauses Rally

Dash, formerly known as Darkcoin, is one of the few anonymizing coins that has lately sprung up. It aims to solve what some say Bitcoin’s main problem is: complete transparency and traceability of all transactions. In its current implementation, it adds privacy by combining identical inputs from multiple users into a single transaction with several outputs. Due to the identical inputs, transactions (usually) cannot be directly traced, somewhat obfuscating the flow of funds.

Read More https://blog.fxopen.com/dash-pauses-rally-ether-range-bound/

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Bitcoin is trading little changed compared to last Tuesday. Prices are down by $7 dollars or just 1.1 percent. It’s little brother Litecoin is down by a larger 2 percent. As usual let’s cover big brother first and we’ll come back to LTC later in the article.

Bitcoin Little Changed in Volatile Week

Bitcoin is trading little changed during the past seven days but not for lack of trying. The total weekly range was a respectable $24 dollars, or 8.7 percent. The bears and the bulls can’t make up their mind as we’re entering the 27th day of being stuck in range. The bounds of this area can be found at $596 to the upside and $556 to the downside.



Read More https://blog.fxopen.com/bitcoin-little-changed-litecoin-down/

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It’s been an interesting two weeks for Peercoin and Namecoin. We used to cover these two cryptocurrencies every Thursday. But with rising prominence of Ether and Dash it’s only fitting to include these altcoins in our weekly analysis. Now we will cover PPC and NMC on a rotational basis, one week on, one week off.

Namecoin Flash Crashes to 15 Cents

Namecoin has been under pressure for several weeks, slowly drifting down to the 27-28 cents support area. Two weeks ago we identified these levels as important support. It’s not a surprise that as soon as this support was broken, prices flash-crashed to $0.153 dollars per coin. It’s likely that there were lots of stop orders right below here because like we said on August 18 last year’s low is at $0.274 and ‘a decisive clearing of this support area would switch the long-term trend to the downside as well.’



Read More https://blog.fxopen.com/peercoin-and-namecoin-flash-crash-recover/

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The two major crypto-currencies Bitcoin and Litecoin clocked some nice gains this week. Bitcoin is up by $26 dollars or 4.5 percent compared to last Tuesday. Meanwhile its little brother Litecoin is up by 15 cents or just under 4 percent.

Bitcoin Breaks Out

Bitcoin surged on Sunday, breaking past the $600 round figure. The reason for the rise is yet unclear although ex-post facto some tried to tie the move to the G20 meeting held during the weekend. Another option is Bitfinex-related speculative buying. Volume more then doubled on this exchange during the short rally. No news have been announced as of yet by the troubled exchange.

Read More https://blog.fxopen.com/bitcoin-breaks-out-litecoin-fails-at-resistance/

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The altcoin market has been under pressure recently after bitcoin’s break above $600. Ether’s break above 0.02122 BTC fizzled out quickly while Dash continued the slow trend lower. A lot of what happens next will depend on big brother. A continuation of the BTC rally could sink our two alts further, while a dip back below $600 would likely have the opposite effect.

Dash Slowly Trends Lower

Dash is slowing losing ground. We’re now quoted at 0.01831 BTC, substantially below the 0.02282 price noted in our last DSH/BTC update. The losses have been slow but systemic, with 10 red candles during the last 14 days.

Read More https://blog.fxopen.com/dash-trends-lower-eth-still-flat/

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The Bitcoin rally hit a stumbling block on Sunday as prices crashed close to $40 in one hour. Meanwhile, Litecoin was rejected at the $4 mark for the third time.

Bitcoin Rally Stalls

Bitcoin is up by less than 0.5% of $3 compared to last Tuesday. Initially, the momentum move higher took us to $628.25 on Sunday but shortly thereafter prices plunged to a low of $590 on most exchanges.



Read More https://blog.fxopen.com/bitcoin-stalls-litecoin-rejected-at-4-dollars/

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After the flash-crash a few weeks ago, Peercoin and Namecoin are back to their boring selves. Namecoin is stuck in a tight range between 27 and 32 cents per coin. Meanwhile, Peercoin bears managed to make some progress in the past two weeks but no key levels have been broken yet.

Namecoin Stuck in Range

The alternative cryptocurrency Namecoin is stuck in a relatively small range between $0.277 and $0.32 per coin. Neither the bulls nor the bears have the upper hand here.



Read More https://blog.fxopen.com/peecoin-down-namecoin-range-bound/

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Both Bitcoin and Litecoin are trading barely changed compared to one week ago. Bitcoin is at $608 right now, only $3 above last Tuesday’s price. Its little brother Litecoin is quoted at $3.82 per coin, just 2 cents above the $3.80 price noted in our last LTC update.

Bitcoin Barely Changed

As we mentioned above, Bitcoin is trading barely changed this week. Prices have been locked between $600 and $610 on most exchanges.

Read More https://blog.fxopen.com/bitcoin-litecoin-barely-changed/

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Ether got a boost from the Devcon2 conference in Shanghai and managed to finally break to the upside. Dash, on the other hand, stabilized somewhat after losing over 30 percent in one month.

Ether Breaks Out

Ether broke above the 0.02204 monthly high on Tuesday as the Devcon2 conference got underway. But the lead-up to the event wasn’t a smooth sailing for the new cryptocurrency. Ethereum’s most popular client Geth suffered a DOS attack. This resulted in nodes running out of memory and crashing on the same block (2283416). Other Ethereum clients were not affected.

Prices initially crashed from 0.02135 to 0.01891 before a fix was published. This led to a quick rebound next day followed by the breakout we see on the chart below.

Read More https://blog.fxopen.com/ether-gets-a-boost-from-conference/

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The two major cryptocurrencies Bitcoin and Litecoin are back in a range, although they took a different path to get there. Bitcoin ended its uptrend and is now back in an undecided territory after another week of downside movements. Litecoin briefly broke the important support noted in our latest article but has bounced back hard since then and moved back inside its range. As usual, we’ll first start with BTC and cover its little brother later on.

Bitcoin Back in Range

Everyone’s favorite cryptocurrency is now back in a range after spending the last seven days mostly in the red. Prices dipped to a low of $581.89 on FXOpen and $592 on other exchanges. While this dip doesn’t count as a break of the $590 level noted last week, the upside momentum has been completely lost in BTC/USD. For example, on September 4 a high of $613 was reached and today we’re trading below here at $607 per coin. So, we’ve basically stayed in this new range for the past 23 days.

Read More https://blog.fxopen.com/bitcoin-undecided-litecoin-bounces-strongly/

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The crypto market has been in a hibernation mode for the past few weeks. Bitcoin is trading with no clear direction around the $600 round figure. Smaller altcoins haven’t budged as well. Compared to their prices two weeks ago, both PPC and NMC are barely changed.

Namecoin Still in Tight Range

Alternative cryptocurrency Namecoin is still in a tight range noted in our latest NMC article. We are currently quoted exactly at 30 cents, only 0.5 cents higher compared to 14 days ago. This is a move of 1.66 percent, a negligible amount for that time frame.

Read More https://blog.fxopen.com/crypto-market-in-hibernation-mode/

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Bitcoin traders are waiting for the next move in prices before jumping on-board. We are still range-bound with no clear direction. Litecoin is in a similar predicament , likely waiting for its big brother to make the first move.

Bitcoin Higher by 90 Cents

Bitcoin is trading barely changed compared to the prices seen seven days ago. We’re now quoted at $608.69 per coin. Last Tuesday, we recorded the price of $607.79 in our previous BTC article. The high-to-low range was a bit higher with BTC/USD topping out at $611 and hitting a low of $598. But both of those moves fizzled out quickly and the prices withdrew back inside the range. The rectangle below shows the price action during the past seven days.

Read More https://blog.fxopen.com/bitcoin-traders-wait-for-next-move/

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Cryptocurrencies can’t get ahead in this environment. Bitcoin is trading range-bound with small daily movements and the altcoin market seems to following along. Ether lost the post-conference momentum and Dash is still trading flat.

Ether Loses Momentum

Ether lost the bullish momentum gained during the Devcon2 conference. Prices topped out at 0.024 BTC on September 21 and we’ve been trading lower ever since. We’re currently quoted at 0.02137.

Read More https://blog.fxopen.com/ether-loses-momentum-dash-flat/

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Are your analysis based on Fundamentals or technical analysis because he crash in ethereum price was due to the Spam attack the chain is experiencing

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Bitcoin prices surged $20 or 3.25 percent today after the PBOC devalued the Yuan at the lowest level in over 5 years. The move higher was followed by Litecoin albeit at a smaller pace of 1.3 percent. As usual, we’ll start with the big brother and move back to LTC later in the article.

Bitcoin Surges 3 Percent

Bitcoin prices rallied 3.25 percent in the early Asian session after the People’s Bank of China moved the USD/CNY fixing to 6.7098 from yesterday’s price of 6.7008. Today the offshore Yuan (USD/CNH) is surging even higher, trading above the onshore rate at 6.7284.

Almost all Bitcoin mining and the majority of trading volume is generated in China. The Yuan exchange rate can have a sizable impact on Bitcoin prices (at least in the short-term) as these traders/miners rush in to hedge their weakening currency. It’s also speculated that Bitcoin is partially used as a means to circumvent China’s currency controls. It’s up for debate how prevalent this is and what impact it may have on BTC prices.

With that out of the way, let’s take a look at the technical picture. Today Bitcoin has had a decisive break above the $614 resistance. This puts us in a rally mode. We’ve also taken out another resistance, the two-month high at $628.25. Bitcoin is now quoted at $634.70 per coin.

Read More https://blog.fxopen.com/bitcoin-surges-on-weaker-yuan/