Cryptocurrencies Fall Pauses as Bitcoin Enters Range

FXOpen

In the past four days bitcoin has been stuck in a range, gyrating around the $350 level. Bitcoin’s indecisiveness lead to rangebound market movement across the board as other cryptocurrencies settled into their own ranges. Prices stayed in a relatively small congestion area between a high of $360 and a low of $337.18. Until big brother bitcoin breaks out beyond one of these two extremes, other cryptos should remain in a range as well.

oct28-btc

A move above $360 will likely signal an end to the current downtrend, at least in the short term. But bitcoin will need to clear the $408 swing high before a rally can truly get under way. On the lower end, a break below $337 should lead to further losses toward the $300 round figure. Beyond $300, the next support can be found at the October 5th swing low at $285, quickly followed by the $266 figure, a high for bitcoin during most of 2013.

Peercoin Enters Range

Alternative cryptocurrency Peercoin also entered its own range. The high bound can be found at $0.90 while the low of the range is at $0.823. Similarly to bitcoin, a PPC break above $0.90 may signal an end to the losses but it wouldn’t automatically be a bullish event. For that, we would need to see the altcoin climb above the $1 parity level.

oct28-ppc

On the lower bound, if PPC/USD moves below $0.82 (or better yet below the $0.80 round figure), the next support can be found at the October 5th swing low at $0.736. Lower still, the September 9th low at $0.675 may act as support to falling prices. To top of all of, the Peercoin yearly low at $0.565 will be an important milestone for the cryptocurrency, a break lower may lead to accelerated losses.

Namecoin Joins in the ‘’Fun’’

Not to be the odd one out, Namecoin joined in the fun and made a range of its own. The high of the NMC congestion area can be pinned at $0.95 and the bottom at $0.864. A move above $0.95 may end the current downtrend but similarly to Peercoin, a break above $1 will be needed to stoke the bullish momentum.

oct28-nmc

On the lower end, the first potential support if the lower bound at $0.864 gives way can be found at $0.783, quickly followed by the yearly low at $0.751. It’s important to follow bitcoin’s movements as well, as other cryptocurrencies will often get their cues from their big brother.

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.

Stay ahead of the market!

Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.

forex

Forex Trading with FXOpen

Forex Trading with FXOpen

Experience ECN technology for deep liquidity and light-speed trade execution

  • Access over 50 markets
  • Trade with spreads from 0.0 pips
  • Take advantage of commissions from $1.50/lot
Learn more

Latest articles

Gold Price Plunges After Climbing to $3,500 for the First Time
Commodities

Gold Price Plunges After Climbing to $3,500 for the First Time

As the XAU/USD chart shows:
→ Yesterday, the spot gold price stopped just a few cents short of the key psychological level of $3,500 (and even exceeded it on the futures market);
→ But this morning, an ounce is trading

Alphabet (GOOGL) Shares Hover Near Psychological Level Ahead of Earnings Report
Shares

Alphabet (GOOGL) Shares Hover Near Psychological Level Ahead of Earnings Report

On 31 March, we noted that bearish sentiment could push Alphabet’s (GOOGL) share price towards the psychological level of $150. As the current price chart suggests, GOOGL is now trading close to that very level.

Moreover, the price is

1-Minute Scalping Trading Strategies With Examples
Trader’s Tools

Four 1-Minute Strategies for Scalpers

Scalping is all about speed, precision, and quick decision-making. For traders who thrive in fast-paced environments, 1-minute strategies offer a way to engage with the market. But with such a short timeframe, trading requires a clear plan and sharp execution.

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.