Bitcoin Analytics: Losses Resume After Short Lasting Range

FXOpen

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.

btcusdh4

 

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.

ltcusdh4

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.

ppcusdh4

Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Forex Analysis

Commodities and European currencies Test Key Supports EUR/USD Analysis: The Price Today Has Set Its Minimum Since the Beginning of March Market Analysis: GBP/USD Dives While USD/CAD Gains Bullish Pace The US Currency Corrects After Recent Growth USD/JPY Price Analysis: Consolidation ahead of US News

Latest articles

Weekly Market Wrap With Gary Thomson: NIKKEI-225, USD/JPY, GBP/USD, USD/CAD, Gold
Financial Market News

Weekly Market Wrap With Gary Thomson: NIKKEI-225, USD/JPY, GBP/USD, USD/CAD, Gold

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of  FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.

  • NIKKEI-225 Analysis Indicates Possibility

Forex Analysis

Commodities and European currencies Test Key Supports

On the eve of the Easter holidays, the main currency pairs have slightly slowed down the development of the main trends and are consolidating near key ranges, the breakdown of which could provoke a change in the vectors of medium-term

Shares

Stock Market Analysis: NVDA Losing Leadership?

Since the start of the week, the S&P-500 Index (US500) is up about 0.58% while NVDA's share price is down about 3.8%. This is a worrying sign for Nvidia stock investors — could it be a sign

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65.68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.