Bitcoin, Peercoin Halt Gains

FXOpen

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.

FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage, 30% margin call, 0.01 lot minimum transaction size with no maximum — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.

*At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules respectively. They are not available for trading by Retail clients.

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 Cryptocurrencies

BTC/USD Analysis: Bulls Lose Progress Amid SEC Defeat Bitcoin Trading Volumes Fell to a Minimum of 4 Years BTC/USD Price Analysis: RSI Drops to Lowest Since March 2020 BTC/USD price analysis: The Price of Bitcoin Collapses by about 8% in One Day Market Analysis: XRP/USD Price Rolls Back to Important Support

Latest articles

Commodities

Oil Analysis: Finally, A Bearish Reversal?

The policy of OPEC+ countries to voluntarily reduce oil production was one of the drivers thanks to which the price of WTI oil increased by approximately 40% from its low in June. In such cases, it is appropriate to use

Commodities

Central Bank Week Shakes Up Gold Market

Yesterday, the main event of the week took place — the Federal Reserve meeting, which had a noticeable impact on the market of assets denominated in US dollars. But besides the Fed meeting, there are a number of other events this

Forex Analysis

Will Stagflation Persist in the UK? EUR/GBP Volatility May Be an Indicator

In recent years, the United Kingdom has found itself mired in a sea of economic uncertainty, prompting widespread speculation about the dreaded 'R-word'—recession. While the nation has navigated a prolonged cost-of-living crisis marked by noticeable spikes in everyday expenses,

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. 60% 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.