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In the past few days since our last article, bitcoin has hit a new low of $562.98. The move lower however lead to a quick rebound that saw prices propelled back above the $580 figure. At the end of the day, BTC/USD closed at $581.97. While this strong rejection is worrying, unless we get a daily close above $600 any rally in BTC prices will likely fizzle out. Further up, a gain above $633 will be needed in order to signal a new move up in prices. On the lower bound, bitcoin is still susceptible to more losses, especially toward the $550 area. This level was tested twice on two separate occasions last month and is now the crucial support level going forward. If BTC/USD manages to take out the figure, we may be looking at quick losses toward $500.
Peercoin Stable as Bitcoin Hits New Lows
Unlike bitcoin, Peercoin has been stable during the past few days. Prices have skirted on the 1.1200 figure, bouncing off it two times in the past week. Despite the holdup, PPC/USD is likely to join big brother bitcoin in the red. Unless we get a rally that takes PPC prices back above $1.3000, the alternative currency will remain under pressure going forward.
Namecoin Breaks Out From Range
Namecoin has joined both Bitcoin and Peercoin lower. On July 24th prices took out the support level at $1.640. In subsequent days, NMC/USD fell to a new multi month low of $1.489. The pair is currently quoted at $1.566. A move back above $1.640, preferably coinciding with a daily close above this level, may temper NMC losses going forward. However we don’t see a rally in this pair unless NMC/USD moves above $2 per coin, even better above $2.100. Below, the first support level stands at $1.340. This was the swing low reached on April 10th of this year. Considering the fact that this level is not yet tested, the first move near the figure may result in a strong rejection of price.
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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.
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