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Cryptocurrency Analytics from FXOpen 2017

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Cryptocurrency Analytics from FXOpen 2017

Bitcoin Volatile but Range-bound

 

It’s been a volatile week for Bitcoin. The key $2,400 level was broken and with that, the months-long uptrend is over. During the forking fears, a low of $2,250 was hit last Thursday. But since then we’ve bounced nicely and are currently quoted at $2,677, little changed compared to last week.

 

btcusdh4-june20-copy

 

Today a high of $2,738 was seen on FXOpen crypto broker before prices retraced a bit. The reason for the latest rally is progress on the scaling stalemate. On Monday over 80% of the mining hash started signalling for Segwit2x. This is a technical solution that merges the Segwit upgrade with a 2MB hard fork three months later. For more on the possible scenarios after the new developments take a look at this article.

 

Technically BTC/USD is now in a range. A new rally requires a breakout above the all-time highs at $2,889 on Fxopen (around $3,000 on other major exchanges). On the lower end, there’s some weak support at the $2,500 round figure, closely followed by the $2,405 swing low. A break below $2,250 is needed to start a new BTC downtrend. Further down we have more support at the $2,000 round figure and the $1,718 swing low. On the longer-term timeframes, both weekly and monthly, bitcoin remains in an uptrend.

 

Read about Litecoin in cryptocurrency analysis on FXOpen blog.

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FXOpen

 

Both Peercoin and Namecoin broke out during this week. The two crypto-currencies tested their multi-year highs yesterday but have since fallen back a bit.

 

Peercoin Starts New Rally

 

With the break above $2.30 PPC/USD is now back in a new uptrend. Yesterday a high of $2.621 was hit on FXOpen, almost matching this year’s high at $2.62 dollars per coin.

 

ppcusdh4-june22-copy

 

We have since retraced down to the $2.30 area which is where we find PPC at the moment. By the old trading ‘adage’ that says resistance becomes support, we may encounter some buying pressure around here. Further down more support can be found at the $2 round figure followed by the $1.70 swing low. A breakdown below here would end the current rally. A new downtrend needs a move below the $1.60 level as well.

Higher up the major resistance is the double top around $2.62 dollars. A clean breakout above here could extend the gains. On the longer-term charts, both weekly and monthly, PPC/USD is in bullish mode.

 

Also, read about Namecoin in  cryptocurrency analysis on FXOpen blog.

Edited by FXOpen (see edit history)

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alexnikon911

On the longer-term timeframes, both weekly and monthly, bitcoin remains in an uptrend.

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Oli_Kate

Where I can get more information? This theme is very interesting! 
Want to write an article about FXOpen 2017

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vikky

 On the longer-term timeframes, both weekly and monthly, bitcoin remains in an uptrend. In my opinion this is the most important of the written. Because the course jumps are inevitable.

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alexnikon911

A breakdown below here would end the current rally. 

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FXOpen

The combined crypto-currencies market cap fell below $100 billion yesterday as we saw large losses across the board. Bitcoin fell against the US Dollar and almost all altcoins fell versus bitcoin, leading to the market cap declining from a high of over $115 billion last week to ‘only’ $92 billion at the moment.

Bitcoin Remains in Range

Bitcoin is currently quoted at $2,397 on FXOpen, down $280 dollars from last Tuesday. In percentage terms, this is just over 10%. On the chart below we can see that the majority of the losses transpired during the past three days. We had no major news releases during this time so we can chalk up the latest down move to technical reasons.

 

btcusdh4-june27-copy

 

The move lower doesn’t change the technical picture, not yet anyway. On the daily charts, BTC/USD is still in a range. A new downtrend requires a break below the $2,250 swing low while a new uptrend needs a move above the all-time highs. These are at $2,889 on FXOpen but closer to the $3,000 on other major exchanges.

Below current prices, we find support at the $2,000 round figure and the $1,718 swing low. On the longer-term timeframes, both weekly and monthly, bitcoin fx remains in an uptrend. However, keep in mind that it will take many red weeks/months to change the trend on these timeframes.

 

Read about Litecoin in the crypto analysis on FXOpen blog.

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alexnikon911

Now 

$2,369.84

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FXOpen

Time for another crypto update. Unlike most weeks, this time we have Litecoin outperforming Bitcoin. While BTC prices remain mired in a trading range, the LTC pump continues. We’re now quoted at $49 dollars per coin after previously trading above the $50 mark. But let’s cover big brother first and we’ll come back to litecoin later in this article.

 

Bitcoin Still in Range

 

Bitcoin prices are still in range on the daily charts. During the past seven days, we bottomed at a low of $2,326, just above the important $2,250 level. A break below here would’ve triggered a new BTC downtrend.

 

BTCUSDH4-july4-Copy-768x363.png

 

As things stand now, however, we remain locked in a range. The bulls need a breakout above $2,750 on FXOpen. This would shift the trend back to the upside. This level corresponds to around $2,800 on other major exchanges. During upmoves FXOpen and BTC-E prices tend to lag a bit behind the majors. Currently, this ‘gap’ is around $70 dollars but it could get as high as $100 dollars or more if the trend accelerates. Higher up the $3,000 figure (around $2,900 on FXOpen) will be the next major milestone. A clean breakout above here could lead to extended gains for the bulls.

On the bottom end, the level to watch remains at $2,250. A breakdown below it would start a new bearish trend for BTC/USD. On the long-term charts (weekly and monthly) in Metatrader bitcoin is still in an uptrend.

 

Read about Litecoin on FXOpen blog.

 

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FXOpen

Both Peercoin and Namecoin are continuing their upward trends. Compared to two weeks ago we’re seeing continued gains for both of these crypto-currencies.

 

Peercoin Up 7 Percent

 

Peercoin prices are up 17 cents or just above 7 percent since our last PPC update. We are currently quoted at $2.47 dollars per coin.

 

PPCUSDH4-july6-Copy-768x362.png

 

Although the gains have stopped for PPC/USD during the past 10 days, the bullish trend is still in place here. Prices peaked at $3.50 on June 23rd, then fell down to a low of $1.90 during the correction. However this missed the potentially trend-ending level at $1.70 so the direction on the daily charts remains up, for now. We need a move below the $2 round figure before we can call the current uptrend over.

 

The bears will need to decisively break the swing low at $1.90 to start their own trend lower. Support below here can be found at $1.90, $1.70 and the round figure at $1.50. Further down we find more support at the $1.08 swing low followed by the $1 parity level. On the longer-term charts (weekly and monthly) PPC remains in bullish mode.

 

Read about Namecoin and Bitcoin on FXOpen blog.

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FXOpen

The meltdown in crypto prices continues, with many of the top 20 altcoins hitting drawdowns of over 50 percent from the highs. Luckily the two coins we follow on Tuesdays have so far avoided this fate. Bitcoin is down by ‘only’ 21 percent from the highs while LTC/USD is down by just over 17 percent.

 

Bitcoin Bounces at Important Support

 

Bitcoin tested the important support at $2,250 today. By the looks of things, the first try was unsuccessful for the bears. Prices dipped to a low of $2,245 on FXOpen today and stayed there for a grand total of 1 minute before bouncing back above the $2,250 mark. Soon after we had a major rally of $139 dollars to hit a high of $2,384. We have since fallen back a bit to $2,331 dollars per coin.

 

BTCUSDH1-jul11-Copy-768x362.png

 

Bitcoin is not in a downtrend, not yet anyway. We look for a decisive breakout of important levels like $2,250, not shallow and brief spikes below like the one we had today. It remains to be seen if the bears make another attempt for the lows in the next few days.

 

For now, we are back in ‘wait and see’ mode. The levels to watch are $2,245 on the downside and $2,700 on the upside. A clean breakout beyond either of these price extremes could end the stalemate and start a new trend. This is the view on the daily charts. On the weekly and the monthlies, the bullish trend is still intact.

 

Read more about Litecoin in the crypto analysis on FXOpen blog.

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FXOpen

It’s been a tough two weeks for Ether. Since our last update, the fledgling crypto-currency lost over 26 percent versus bitcoin and even more versus the US Dollar.

 

Ether in Downtrend After Losses

 

After the recent large losses, ETH/BTC is now in a downtrend. The altcoin lost close to 30 percent versus the US Dollar and 26 percent versus bitcoin.

 

ETHBTCH4-juy13-Copy-768x362.png

 

Support on the way down can be found at this month’s low of 0.07574, followed by the 0.0631 swing low and the 0.05 round figure. On the way up we have resistance at the 0.10 round figure. A clean breakout above 0.11 BTC would end the current downtrend. A move above the 0.1259 swing high is needed for a new rally. On the long-term charts (weekly and monthly) ETH/BTC remains in a bullish trend.

 

Fundamentally no major news transpired during the past few weeks. It’s possible that the flurry of ICOs during June is now leading to selling pressure. Two major ICOs, Status and Tezos, stated that they plan to sell the acquired Ether, albeit at a gradual pace.

 

Read about Dash and Bitcoin on FXOpen blog.

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Bitcoin Bounces on Signalling for Scaling

We’ve had an interesting week for bitcoin as prices first crashed below the $2,000 handle only to rally strongly from the lows on renewed hope for scaling. Litecoin followed a similar pattern with a fall to $35.30 followed by a 21% rally to $42.89 dollars per coin.

 

Bitcoin Bounces on BIP91 Signalling

 

Bitcoin prices bounced from the $1,812 lows to a hit a high of $2,232 today, a move of over 23 percent. The sharp reversal during the past three days can be attributed to bitcoin miners signalling for BIP91 ahead of schedule. The initial plan called for the Segwit2x software to be deployed and for signalling to begin on July 21st. More on this HERE.

 

btcusd-july18-Copy-768x362.png

 

The early start is adding to the positive sentiment because it means that Segwit can be locked in before signalling for the controversial UASF (User Activated Soft Fork) starts on August 1st. This would avoid a network split and remove the fork fears for at least three months until it’s time to deploy the 2MB block increase.

 

While the fundamentals are positive, technically we’re still in a downtrend on the daily charts. The bulls will need to break above the $2,530 level to end it. A move above $2,550 is needed for a new rally. On the long-term charts (weekly and monthly) BTC is looking bullish.

 

Read about Litecoin in the crypto analysis on FXOpen blog.

 

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FXOpen

 

Bitcoin broke above the important $2,550 level this morning and hit a high of $2,748 on FXOpen and over $2,900 on other exchanges. This had a positive impact across the crypto world as altcoins started to move up as well, at least in dollar terms.

Peercoin Down but Climbing

A lot has happened to Peercoin since our last update two weeks ago. First prices are fell in a downtrend as bitcoin crashed to a low of $1,812 five days ago. Then as BTC/USD reversed course, so did PPC/USD. It’s now quoted at $1.91 dollars per coin.

 

PPCUSDDaily-july21-Copy-768x361.png

 

A break above $2.16 would end the current downward trend on the daily charts. Resistance above here can be found at the $2.5 and $3 levels, followed by the all-time high of $3.50 dollars. A breakout above the $2.71 swing high is needed to jump-start a new PPC rally.

On the way down we have potential support at $1.70 (weak) followed by the $1.40 swing low and the $1.50 round figure. A clean break below here could lead to more losses. On the longer-term charts, Peercoin is still looking bullish.

 

Read about Namecoin and Bitcoin in the crypto analysis on FXOpen blog.

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