No End in Sight for Crypto Losses

There is no end in sight to crypto losses. Bitcoin flash crashed to $334 per coin yesterday, Litecoin is currently trading below $4 and Peercoin hit fresh lows. For bitcoin, the $550 support proved a crucial breaking point. The virtual currency has lost over 100 dollars in the past week alone.

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The crash to $334 happened in a thin orderbook and was probably exacerbated by leveraged positions getting liquidated. The crypto is currently quoted at $442. Just like the fall down to £334, the subsequent rise was equally fierce, with BTC rallying back to $440 in less then 15 minutes. The crash on BTC-E comes just a day after rival exchange Bitfinex had a similar spike lower. Given the extent of the losses, we may see bitcoin consolidate before going for another leg down. Looking at both flash crashes, it seems like very few people are willing to keep their bids in the market, which doesn’t bode well for everyone’s favorite cryptocurrency.

 

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Windows VPS Hosting is Now Available at FXOpen

FXOpen clients who open ECN, STP and CRYPTO accounts in the company are now offered a new service – Windows VPS hosting.

Windows VPS benefits:

  • flexibility: run EAs even when the power/internet is off;
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NZD/USD Bottoms Near 0.8400 As Bulls Take Control

NZD/USD finally bottomed around the 0.8400 handle this week before extending upside movement, increasing the price of Kiwi Dollar to more than 0.84850. The sentiment however still remains bullish due to Higher Low and Higher High in the recent waves.

Technical Analysis

As of this writing, the pair is being traded around 0.8487. A support can be seen around 0.8464, the 200 Daily Simple Moving Average (DSMA) ahead of 0.8400, the swing low of the recent correction wave as demonstrated in the following chart.

nzd fxopen

On the upside, the pair is likely to face a hurdle near around 0.8504, the 76.4% fib level ahead of 0.8567, the 67.8% fib level and then 0.8618, the confluence of 50% fib level, 100 DSMA and 55 DSMA. The sentiment will remain bullish as far as the 0.8402 support area is intact.

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EUR/USD Bounces Off Despite Downbeat Economic Reports

The Euro (EUR) extended upside movement against the USD (USD) on Thursday, increasing the price of EUR/USD to more than 1.3370 despite the downbeat economic reports. The sentiment remains bearish due to Lower Low and Lower High in the recent waves.

Technical Analysis

As of this writing, the pair is being traded around 1.3377. A support may be seen around 1.3333, the swing low of the recent correction phase ahead of 1.3300, the psychological number and then 1.3294, the low of the last major dip as demonstrated in the following chart.

eur fxopen

On the upside, the pair is expected to face a hurdle near 1.3459, the 76.4% fib level ahead of 1.3561, the 61.8% fib level and then 1.3643 which is a huge confluence level of 50% fib level, 100 Simple Moving Average and 200 Simple Moving Average. The sentiment will remain bearish as far as the 1.3700 resistance area is intact.

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Red! Red Everywhere!

The week is going from bad to worse for cryptocurrencies. Yesterday bitcoin broke the important support level at $550 and proceeded to lose another 5% in the next few hours. The breakdown served as a catalyst to other altcoins. Litecoin fell below $5 per coin, Namecoin hit parity and Peercoin hit a daily low of $0.626 yesterday. With the latest down move, PPC has lost over 50 percent of its value in the last three weeks alone!

Bitcoin breaks important support at $550

Bitcoin broke the important support level at $550 yesterday. The area was tested on three separate occasions in the last 3 months thus it’s not a surprise that once it gave way, prices immediately lost over 5 percent.  Where are the next support levels? With prices currently trading at $527 per coin, the next support can be found at the round psychological figure of $500. Lower still, the $411 swing low may provide some support. The yearly low at $342 will be an important milestone. If BTC/USD breaks below $342, bitcoin may enter a period of prolonged losses. As usual keep an eye on the 50 and 00 round figures between 300 and 450 ($350,$400,$450,$500).

btcusddaily

 

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Gold Comes Under Selling Pressure As Bearish Pin Bars Weigh

Gold extended downside movement on Wednesday, dragging the price of precious metal to less than $1310 an ounce following the emergence of two bearish pin bars around the major resistance level. The short term sentiment remains bearish due Lower High in the recent upside rally.

Technical Analysis

As of this writing, the precious metal is being traded around $1307 an ounce. A hurdle may be noted around $1312, the 38.2% fib level ahead of $1322, the high of the bearish pin bar which emerged on Friday and then $1342, the 23.6% fib level.

gold fxopen

On the downside, the metal is expected to find a huge support near $1300, the confluence of 100 Daily Simple Moving Average (DSMA), 55 DSMA and psychological number ahead of $1287, the 50% fib level and then $1262, the 61.8% fib level. The sentiment will remain bearish in the short term as far as the $1322 resistance area is intact.

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Peercoin Breaks Parity as Altcoin Rout Continues

It has been an awful week for altcoins. Peercoin broke parity and proceeded to lose a further 17 percent to hit $0.83. Bitcoin’s silver, Litecoin, hit a low of $4.85 today, a fall of $2.50 in 7 days. Namecoin lost over 20 percent from $1.54 to $1.27.

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Peercoin Breaks Parity

After a short-lived holdout, Peercoin prices broke the important $1 figure on August 9th. In the next 3 days, the crypto lost an extra 17 percent to hit a multi-month low of $0.83. A week ago, I wrote that more losses may be on the way for PPC. Why is this happening and what’s behind the latest altcoins rout? Let’s look at the fundamentals.

 

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USD/CAD Looks Vulnerable As Bearish Engulfing Pattern Weighs

The US Dollar (USD) extended upside movement against the Canadian Dollar (CAD) on Friday, increasing the price of USD/CAD to more than 1.0930 just ahead of some major economic events. The sentiment remains bullish due to higher high in the recent upside rally.

Technical Analysis

As of this writing, the pair is being traded near 1.0931. A hurdle may be noted around 1.0985, the swing high of the recent upside rally ahead of 1.1000, the psychological number and then 1.1211, the 161.8% fib level as demonstrated in the following chart.

uc

On the downside, the pair is likely to find a support around 1.0900, the 76.4% fib level ahead of 1.0803, the 50% fib level and then 1.0706, the 23.6% fib level. The sentiment will remain bullish as far as the 1.0620 support area is intact.

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AUD/USD Slides Down As Australian Unemployment Report Weighs

The Australian Dollar (AUD) fell broadly against the US Dollar (USD) on Thursday, dragging the price of AUD/USD to less than 0.9280 ahead of the monetary policy statement. The sentiment remains bearish due to Lower High and Lower Low in the recent wave.

Technical Analysis

As of this writing, the pair is being traded around 0.9277, the 76.4% fib level ahead of 0.9202, the swing low of the recent correction wave as demonstrated in the following chart. Not to mention, the 200 Simple Moving Average (SMA) is also sitting around the 0.9200 handle, making it a confluence support area.

audusd

On the upside, the pair is likely to face a hurdle around 0.9317, the 61.8% fib level ahead of 0.9353, the 50% fib level and then 0.9389, the 38.2% fib level. The sentiment remains bearish as far as the 0.9470 resistance area is intact.

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Bitcoin Forms Smaller Range, Hedge Funds Entering the Arena

Bitcoin prices may be settling down in a smaller 16 points range inside the 50 points range between $550 and $600. The cryptocurrency spent all of this week inside this congestion area and BTC/USD recently retested the $572.50 low only to get swiftly rejected. One bitcoin is currently trading at $581.10, right in the middle of this range. A clean break above $588 may carry prices toward $600. Higher up, $633 and $650, followed by the June 3rd swing high at $667 may provide some resistance. The $667 figure will be especially important for bitcoin bulls. This was the end of the May BTC rally, a move higher may reignite a fresh bull run.

A break below $572 may lead to BTC retesting the triple bottom at $550. Below $550, the round psychological level at $500 will act as support. Keep in mind however that the smaller range between $572 and $588 is only four days old so not as important as the larger 50 points congestion between $550 and $600.

btcusdh4

 

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