Cryptocurrencies Fall Pauses as Bitcoin Enters Range

In the past four days bitcoin has been stuck in a range, gyrating around the $350 level. Bitcoin’s indecisiveness lead to rangebound market movement across the board as other cryptocurrencies settled into their own ranges. Prices stayed in a relatively small congestion area between a high of $360 and a low of $337.18. Until big brother bitcoin breaks out beyond one of these two extremes, other cryptos should remain in a range as well.


A move above $360 will likely signal an end to the current downtrend, at least in the short term. But bitcoin will need to clear the $408 swing high before a rally can truly get under way. On the lower end, a break below $337 should lead to further losses toward the $300 round figure. Beyond $300, the next support can be found at the October 5th swing low at $285, quickly followed by the $266 figure, a high for bitcoin during most of 2013.

Peercoin Enters Range

Alternative cryptocurrency Peercoin also entered its own range. The high bound can be found at $0.90 while the low of the range is at $0.823. Similarly to bitcoin, a PPC break above $0.90 may signal an end to the losses but it wouldn’t automatically be a bullish event. For that, we would need to see the altcoin climb above the $1 parity level.


On the lower bound, if PPC/USD moves below $0.82 (or better yet below the $0.80 round figure), the next support can be found at the October 5th swing low at $0.736. Lower still, the September 9th low at $0.675 may act as support to falling prices. To top of all of, the Peercoin yearly low at $0.565 will be an important milestone for the cryptocurrency, a break lower may lead to accelerated losses.

Namecoin Joins in the ‘’Fun’’

Not to be the odd one out, Namecoin joined in the fun and made a range of its own. The high of the NMC congestion area can be pinned at $0.95 and the bottom at $0.864. A move above $0.95 may end the current downtrend but similarly to Peercoin, a break above $1 will be needed to stoke the bullish momentum.


On the lower end, the first potential support if the lower bound at $0.864 gives way can be found at $0.783, quickly followed by the yearly low at $0.751. It’s important to follow bitcoin’s movements as well, as other cryptocurrencies will often get their cues from their big brother.

How useful was this post?

Click on a star to rate it!

Average rating / 5. Vote count:

No votes so far! Be the first to rate this post.

We are sorry that this post was not useful for you!

Let us improve this post!

Tell us how we can improve this post?

Latest posts by Petar Kotevski (see all)
with No Comments 6198
Scroll Up