Bitcoin, Peercoin Halt Gains

The bitcoin rally is in jeopardy. The bulls haven’t made any progress in six days now, since reaching a high of $256.75 last Wednesday. Peercoin is in a similar boat with prices stagnant since last Friday. But let’s start with big brother first.

Bitcoin Rally in Jeopardy

The bitcoin rally is dying a slow death. All momentum to the upside has now been lost. In today’s session, we opened at $248.54 and proceeded to fall by $5 dollars to a low of $243.12 before stabilizing somewhat. We are currently quoted at $244.57.

BTCUSDDaily-june23

A decisive break of $230 dollars should end the current rally. To stop this from happening and bring new life to the move, the bulls will need to break the $258 resistance. Higher up, important resistance can be found at $270, followed by $300. This round figure will be crucial to any long-term bitcoin gains. The $300 dollars mark stopped two previous BTC rallies. If we get a breakout above it, the rally could intensify in strength.

On the downside, below $230 dollars we have some support at the $222 swing low, followed by the double bottom near $210 dollars per coin. Further down, the round $200 mark may also offer some resistance but the stronger support is definitely at $210 dollars.

Peercoin Stops at 46 Cents

Peercoin stopped its rally at the 46 cents figure. As can be seen on the chart below, the area from $0.425 to $0.435 is one large resistance. This is formed by the March 10t swing high at $0.425 and the February 13th swing high at $0.435. Higher up, more resistance can be found at the February high of $0.475. It’s no wonder that PPC/USD stopped in the middle of all these resistance levels.

PPCUSDDaily-june23

Above current prices, more resistance can be found at the half-parity level of 50 cents. Thus us followed by another important swing high at $0.52. A break above 52 cents should lead to a stronger rally.

On the lower end, a clearing of $0.30 should end the current upmove. More support below can be found at the $0.25 – $0.267 area. This was a previous resistance that will likely turn to support on the way down. The double bottom near 20 cents is another key figure for PPC. A breakdown below it would re-ignite a new downtrend in prices.

Petar Kotevski

Petar is a forex trader and writer with 9 years of experience in financial markets. He has been following bitcoin since 2010. A year ago, as the BTC market matured, he started getting more involved by writing articles on bitcoin and other alternative currencies.

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