Bitcoin broke above the important $2,550 level this morning and hit a high of $2,748 on FXOpen and over $2,900 on other exchanges. This had a positive impact across the crypto world as altcoins started to move up as well, at least in dollar terms.
Peercoin Down but Climbing
A lot has happened to Peercoin since our last update two weeks ago. First prices are fell in a downtrend as bitcoin crashed to a low of $1,812 five days ago. Then as BTC/USD reversed course, so did PPC/USD. It’s now quoted at $1.91 dollars per coin.
A break above $2.16 would end the current downward trend on the daily charts. Resistance above here can be found at the $2.5 and $3 levels, followed by the all-time high of $3.50 dollars. A breakout above the $2.71 swing high is needed to jump-start a new PPC rally.
On the way down we have potential support at $1.70 (weak) followed by the $1.40 swing low and the $1.50 round figure. A clean break below here could lead to more losses. On the longer-term charts, Peercoin is still looking bullish.
Namecoin Follows BTC
Namecoin is in a similar boat to PPC/USD. It first followed BTC lower, entering in a new downtrend and is now following it higher. We are currently trading at $2.11, after having traded to a high of $2.82 and a low of $1.45 during the past 14 days.
A break above the $2.50 level should end the current bearish trend but a move beyond $3 dollars per coin is needed for a new rally in NMC/USD. On the longer-term charts (weekly and monthly) Namecoin remains in an uptrend. A lot of what happens here will continue to be driven by BTC prices so make sure to read the last part of our article.
Bitcoin Enters Bull Market
With the break above $2,550 bitcoin has re-entered a bull market on the daily charts. This morning over 80% of mining hash signaled BIP91, thereby opening the door to Segwit, the first scaling improvement for BTC. If everything goes well, the next scaling improvement will be an increase in the block size to 2 MB, slated to happen in three months. You can find more technical details about the process HERE.
For the first time in months, the fundamentals for bitcoin are looking bullish and the charts seem to confirm this. We’re now trading at $2,558 on FXOpen, with other major exchanges quoting prices around the $2,700 mark. Last night we traded as high as $2,940/50 on some sites.
A break below the $1,812 swing low is needed to end the current uptrend and start a new bearish trend. On the weekly and monthly charts, BTC is in rally mode as well.
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