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.
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.
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.
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.