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.
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.
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 making your money go further 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.