Bitcoin has resumed the downward trend after a short lasting ranging period last week. After spending around 10 days inside a tight 10 percent congestion between $480 and $530, BTC finally managed to break below the lower bound on Sunday. The other cryptocurrencies followed big brother bitcoin lower. Litecoin fell below the $5 mark, Peercoin broke $0.80 and Namecoin is currently testing parity.
Bitcoin breaks $480, $450 eyed
Bitcoin broke the $480 figure on Sunday. After a short retest of the level yesterday, BTC/USD is now back to trading lower. One bitcoin is currently quoted at $474.99. The next support for BTC can be found at $450. The $400 round figure should also provide some support. Lower still, $330 to $350 area will be significant support for bitcoin.
This is where the latest down move halted two weeks ago. In addition, after the August 18th flash crash to $334, a lot of traders will probably have bid orders in place here, looking to buy up ‘’cheap’’ coins. On the top end, the $480 figure we just broke will provide some resistance to prices going higher. But until BTC/USD can climb above the round $500 level, any gains in bitcoin will be limited.
Litecoin testing $4.66
After diving below the $5 mark two days ago, Litecoin is now testing the $4.66 figure. This level marks the swing low reached on August 23rd and may provide small support for LTC. It’s hard to predict where prices might go on a break lower. The first visible support after $4.66 is at $3.40, the lowest low reached on August 18th. But since in percentage terms this is over 27% below $4.66, prices may take a breather sooner, possibly at the round $4 mark. On the top end, LTC/USD needs to both break and stay above $5 to put an end to the recent losses.
Losses continue for Peercoin as $0.80 is broken
Losses are also continuing for altcoin Peercoin. After breaking the $0.80 support, PPC/USD fell over 5 percent to a low of $0.75. Now this figure is being retested. Peercoin still looks susceptible to more losses. The first visible support level stands at $0.626, followed by the August 18th swing low at $0.565. To reverse the losses, PPC will first need to go back above the $0.80 mark, although a break above parity will likely be more convincing for the bulls.
We are sorry that this post was not useful for you!
Let us improve this post!
Tell us how we can improve this post?