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Offline FXOpenTopic starter

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Cryptocurrency Analysis from FXOpen broker
« on: June 23, 2017, 09:36:29 AM »
Both Peercoin and Namecoin broke out during this week. The two cryptocurrencies tested their multi-year highs yesterday but have since fallen back a bit.
Peercoin Starts New Rally
With the break above $2.30 PPC/USD is now back in a new uptrend. Yesterday a high of $2.621 was hit on FXOpen, almost matching this year’s high at $2.62 dollars per coin.





We have since retraced down to the $2.30 area which is where we find PPC at the moment. By the old trading ‘adage’ that says resistance becomes support, we may encounter some buying pressure around here. Further down more support can be found at the $2 round figure followed by the $1.70 swing low. A breakdown below here would end the current rally. A new downtrend needs a move below the $1.60 level as well.


Higher up the major resistance is the double top around $2.62 dollars. A clean breakout above here could extend the gains. On the longer-term charts, both weekly and monthly, PPC/USD is in bullish mode.

[/size]Also, read about Namecoin on FXOpen blog: https://blog.fxopen.com/new-uptrend-for-peercoin-and-namecoin/[size=78%]


Offline FXOpenTopic starter

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Re: Cryptocurrency Analysis from FXOpen broker
« Reply #1 on: July 07, 2017, 08:45:13 AM »
Both Peercoin and Namecoin are continuing their upward trends. Compared to two weeks ago we’re seeing continued gains for both of these crypto-currencies.
Peercoin Up 7 Percent
Peercoin prices are up 17 cents or just above 7 percent since our last PPC update. We are currently quoted at $2.47 dollars per coin.

Although the gains have stopped for PPC/USD during the past 10 days, the bullish trend is still in place here. Prices peaked at $3.50 on June 23rd, then fell down to a low of $1.90 during the correction. However this missed the potentially trend-ending level at $1.70 so the direction on the daily charts remains up, for now. We need a move below the $2 round figure before we can call the current uptrend over.
The bears will need to decisively break the swing low at $1.90 to start their own trend lower. Support below here can be found at $1.90, $1.70 and the round figure at $1.50. Further down we find more support at the $1.08 swing low followed by the $1 parity level. On the longer-term charts (weekly and monthly) PPC remains in bullish mode.
Read about Namecoin and Bitcoin on FXOpen blog.

Offline FXOpenTopic starter

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Re: Cryptocurrency Analysis from FXOpen broker
« Reply #2 on: July 21, 2017, 01:35:25 PM »
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.

Read about Namecoin and Bitcoin on FXOpen blog

Offline FXOpenTopic starter

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Re: Cryptocurrency Analysis from FXOpen broker
« Reply #3 on: July 28, 2017, 08:44:44 AM »

Ether Stays in Downtrend


Ether continues its slow downward trend. It’s currently quoted at 0.07873, down from 0.08875 during our last update. This is a fall of 11.3 percent.





As you can see on the chart above, it wasn’t smooth sailing for the shorts. Prices initially spiked to a high of 0.0111 on July 18th. This is the date when a list of new EEA members was revealed to the public. Notable names among the list include MasterCard, Cisco, and ScotiaBank. The news spike hit our potential trend-ending level at 0.011 but there was no clean break, only a 0.0001 tick above. Thus the downward trend remains on the daily charts.


The bulls still need a decisive break above 0.011 to end the current bear phase. A breakout here would start a new uptrend as well. On the longer-term weekly and monthly charts, ETH/BTC remains in rally mode.


Read about Bitcoin on FXOpen blog

Offline FXOpenTopic starter

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Re: Cryptocurrency Analysis from FXOpen broker
« Reply #4 on: August 04, 2017, 10:09:41 AM »
Ether Slightly Up, Dash Range-bound

It’s a mixed bag this Thursday for Ether and Dash. While Ether is trading a bit higher since our update last week, Dash continues to range.

Ether Bounces From Lows

Ether prices versus bitcoin bounced from the 0.058 lows on FXOpen to 0.081 right now. The lows on other exchanges were around the 0.066 level.



Despite the bounce, however, we’re still in a downtrend on the daily charts. The bulls need a break above the 0.0844 swing high to end the current trend. A new rally requires a break of the 0.111 spike high as well. On the long-term weekly and monthly charts ETH/BTC is still looking bullish.

Dash Range-bound

We haven’t done a Dash update in a while due to lots of developments in the bitcoin space. Nonetheless, you haven’t missed much as prices here are still in a range. On the chart below we can see that DSH/BTC spent most of the past two months stuck between 0.06 and 0.08134.



These remain as the two key levels for this pair. A decisive breakout above 0.08134 should start a new Dash rally. Note that, as usual, we’re looking for a sustained break of this price level and not just a brief and shallow spike above.

A new downtrend needs a break below the strong support at 0.06 BTC. This level got tested twice already (at 0.0606 and 0.0602) on the daily charts and held strong so far. A clean break below here could lead to more gains to the 0.05 round figure and even below. On the long-term charts DSH/BTC is in rally mode as well.

Read about BTC on FXOpen blog

Offline FXOpenTopic starter

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Re: Cryptocurrency Analysis from FXOpen broker
« Reply #5 on: August 10, 2017, 02:37:49 PM »
Ether Nears Breakout
Ether prices have gone up almost 10 percent since our last update. We have since broke above the 0.0844 swing high and thus ended the downtrend. Back then we penned the 0.111 spike high as a potential trend starter. Now that level is moved slightly lower to yesterday’s high at 0.09322.


A decisive breakout above here could start a new ETH rally versus BTC. Resistance above here can be found at the 0.10 BTC round figure and the 0.111 spike high. On the lower end we need a move below the 0.05875 swing low for a new downtrend. On the longer-term weekly and monthly charts ETH/BTC has stayed in a bullish trend for most of this year.
Read about Dash and Bitcoin in crypto analytics on FXOpen blog

Offline FXOpenTopic starter

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Re: Cryptocurrency Analysis from FXOpen broker
« Reply #6 on: August 18, 2017, 08:31:27 AM »
It’s a mixed bag for the two crypto-currencies we cover on Thursdays. While Dash is continuing the downtrend started last week, Ether is range-bound.

Ether in a Range

Ether prices failed to break above the 0.09322 swing high last week. A break of this level could kick-start a new rally. But after peaking out at 0.093 ETH/BTC saw continued losses every single day. We are now up to seven red (or black) candles in a row.


Despite the losses however prices are still short of starting a new downtrend. For that, we needed a break below the 0.05875 swing low. Until either of these levels is decisively broken, ETH will remain in a range on the daily charts. On the longer-term weekly charts, ETH/BTC is range-bound as well. Prices are staying in a bullish trend on the monthlies.

Read about Dash and BTC on FXOpen blog

Offline FXOpenTopic starter

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Re: Cryptocurrency Analysis from FXOpen broker
« Reply #7 on: August 25, 2017, 10:40:35 AM »
Ether Still in Range

While both ETH and BTC continue to clock gains versus the U.S. Dollar, against each other they’re trading flat. Ether is quoted at 0.0745 BTC right now, slightly up compared to prices one week ago.



The two important levels haven’t changed much. On FXOpen charts we’re seeing a spike to a low of 0.05495 on August 23rd. But this crash was instantly retraced and could’ve been the result of a bad tick. Thus the key level on the downside remains at 0.05875 BTC. A breakdown below here would start a new downtrend in prices. As usual, we’re looking for a decisive break, not just a brief and shallow spike below/above the levels.

On the upside, the figure to watch remains at 0.09322. A breakout above here could start a new ETH rally. Not far from here we find the first notable resistance at the 0.1 round figure, followed by another important level at 0.111 BTC per coin. A break of this level could lead to more gains higher up. On the long-term charts ETH/BTC is bullish on the monthlies but range-bound on the weeklies.



Read about Dash on FXOpen blog

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Re: Cryptocurrency Analysis from FXOpen broker
« Reply #8 on: September 01, 2017, 09:49:59 AM »

Ether Remains in Range


Despite the large gains in ETH/BTC however, the pair is still trading inside that range. We hit a high of 0.08423 yesterday, far below the 0.09322 swing high.






Like we said last week, a breakout above here is needed for a new rally. Higher up the first important resistance is at the 0.1 round figure, followed by another important level at 0.111 BTC per coin. A break of this level could lead to more gains.


On the lower end the bears are looking at 0.05875 BTC. A breakdown below here could start a new downtrend in prices. On the weekly charts ETH/BTC is range-bound as well. On the monthlies the pair is still looking bullish.


Read also about Dash and BTC on FXOpen blog

Offline FXOpenTopic starter

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Re: Cryptocurrency Analysis from FXOpen broker
« Reply #9 on: September 08, 2017, 11:40:03 AM »

Ether Still in a Range



Ether is still trading inside that month-long range. We are currently trading at 0.07158, down by over 10 percent since last Thursday. However as you can see on the chart below, this wasn’t enough enter a bear market. We simply moved from the top of the range toward the middle.






A major upgrade in the ETH network is coming at the end of September. Metropolis will decrease the mining reward but also lower the block time, leading to a slight decrease in the level of inflation. You can read more about the coming Metropolis hard fork HERE. This news event could be just what Ether needs to finally break out of its funk.


A breakout above 0.07 BTC (slightly above the 0.08621 swing high) could start a new ETH rally. Higher up the first notable resistance is at the 0.1 round figure, followed by another important level at 0.111 BTC per coin. A break of this level could lead to more gains.


On the lower end the bears are looking at 0.05875 per BTC. A breakdown below here could start a new downtrend in prices. Our chart above shows a lower low at 0.05495 but this spike low is not present on other charts.  On the weekly charts ETH/BTC is range-bound but on the monthlies the pair is still looking bullish.


You can read about Bitcoin and Dash on FXOpen blog

Offline FXOpenTopic starter

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Re: Cryptocurrency Analysis from FXOpen broker
« Reply #10 on: September 22, 2017, 11:37:27 AM »

Range in ETH/BTC Continues


The weeks-long trading range in ETH/BTC continues. We are currently quoted at 0.07304, up by few percentage points since last week. No important support/resistance points have been taken out yet.


As you can see on the chart below, the range is getting ever narrower, a good indicator that we will see a breakout soon. Will the catalyst be Metropolis, the expected protocol upgrade? If everything goes well on the testnet, Byzantium, the first part of the Metropolis upgrade, should launch around October 9th.






The two main levels to watch are 0.08423 BTC on the upside and 0.06626 BTC on the downside. A break of either of these points could lead to a prolonged move higher/lower. If everything goes well with the upgrade then ETH should clock some gains. Problems with the hard fork could lead to a loss of confidence and thereby drop in the price. Hard forks are not very risky if the overwhelming majority of the ecosystem gets behind them, which seems to be the case here.


On the longer-term charts we’re seeing a mixed picture. The weekly is range-bound as is the daily. But the monthly chart is still showing an upward trend.


Read about Dash on FXOpen blog

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Re: Cryptocurrency Analysis from FXOpen broker
« Reply #11 on: September 29, 2017, 10:48:48 AM »
Another Range-bound Week for ETH

Another range-bound week for ETH/BTC. We are trading at 0.07143 BTC right now, down from 0.07304 last week. This is a drop of only 2 percent, small amount for a crypto-currency pair.



On the news front things are looking ‘rangey’ as well. The proposed Byzantium upgrade got postponed by 8 days to block 437,000,000. This is expected to happened on October 17th versus a previous date of October 9th. A malicious user attacked the Byzantium testnet filling entire blocks with spam contracts. Avoiding any further hiccups will be key for the ETH price going forward.

A breakout above the 0.0775 BTC per coin would start a new rally in ETH/BTC. Resistance above here can be found at the 0.08423 and 0.08621 swing highs. A clearing of this resistance area would push us closer toward the next important level at 0.09322 BTC.

On the lower end, the bears need a break below the 0.06626 swing low to start the downtrend. Support further down can be found at the 0.05875 swing low and the 0.05 round figure. The weekly chart is range-bound as well. The monthly chart is still showing an upward bias.

Read also about Dash on FXOpen blog

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Re: Cryptocurrency Analysis from FXOpen broker
« Reply #12 on: October 05, 2017, 03:51:11 PM »
Ether Resting on Key Support

Ether is resting near key support around 0.06626 BTC. A few days ago we again tested this level with prices bottoming out at 0.06643 BTC before climbing higher. But the bounce was short-lived and we are currently quoted at 0.06763 BTC, very close to the lows.



The support near 0.06626 BTC has been tested multiple times and remains a key level going forward. A break of this important support could start a new downtrend in ETH/BTC. On the other end, we have the swing high at 0.07750 BTC. A breakout above here could lead to a new rally. As usual with these levels, we’re looking for a sustained break, not just a brief and shallow spike lower/higher.

With prices just skirting on support, things are looking grim for the bulls right now. But all hope is not lost. The Byzantium protocol upgrade has been hard-coded and is now set at block 4,370,000. Current projections put this on October 17th. If everything goes well, the upgrade should improve the speed and security of the network, as well as have a positive impact on the price of Ether. On the weekly charts, ETH/BTC is range-bound as well. The monthlies are still showing a bullish bias.

Read about Dash on FXOpen blog

Offline FXOpenTopic starter

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Re: Cryptocurrency Analysis from FXOpen broker
« Reply #13 on: October 12, 2017, 03:24:44 PM »
ETH/BTC Crumbles as Support Breaks

The key support level at 0.06626 BTC fell on Monday and led to a quick drop to 0.05845. In percentage terms, this  was a loss of close to 12% in less than 20 hours. In the next few days prices recovered somewhat but today the decline resumed and we hit new lows at 0.05814 BTC. We are currently trading just slightly off the lows at 0.05834 per BTC.



As we wrote last week, 0.06626 was key support. A new downtrend has now commenced in ETH/BTC. To end it, the bulls will have to break above the 0.07136 swing high. Higher up a breakout above the next important swing high at 0.07750 is needed for a new uptrend.

Below current prices support can be found at the 0.05 round figure and the 0.04405 swing low, followed by another round level at 0.04 and the 2016 high at 0.03720 BTC. Further down we find a strong support area consisting of the 0.03409 swing high and the 0.03383 swing lows. A clearing of this area could lead to accelerated losses in ETH/BTC. On the longer-term charts, the situation hasn’t changed much. The weekly chart is range-bound while the monthly is still in rally mode.

Read about DSH/BTC on FXOpen blog

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Re: Cryptocurrency Analysis from FXOpen broker
« Reply #14 on: October 20, 2017, 02:07:08 PM »
No Help from Byzantium

The Byzantium upgrade transpired this week. For more on what this upgrade entails, please take a look HERE. While technically there were no major problems, price-wise there was no boost for Ethereum. As you can see on the chart below, the short-lived bounce in ETH/BTC was sold into. We’re currently quoted at 0.05329, down by 8.6 percent since last Thursday.





The downtrend is still firmly in place. To end it, the bulls will have to rally past the 0.06303 BTC swing high. A new uptrend, on the other hand, needs a break above the 0.07136 swing high. The key support below will be the 0.05 round figure. This a double bottom, with lows made back in August and most recently last week. A decisive break below this important pivot could lead to accelerated losses in ETH/BTC.

Further down we have some support at the 0.04405 swing low, followed by another round level at 0.04 and the 2016 high at 0.03720 BTC. Lower still we find a strong support area consisting of the 0.03409 swing high and the 0.03383 swing lows. A clearing of this area could lead to more losses. On the longer-term charts, the situation is still mixed. The weekly chart is range-bound while the monthly is in rally mode.

Read about Dash on FXOpen blog


 

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