Large Gains in Altcoins

Altcoins are finally getting a break from the non-stop selling. Today 6 out of the top 10 alts are showing strong gains versus the US Dollar. The gains are bit higher versus bitcoin because BTC/USD is down around 2 percent today. Alternative crypto-currencies, ‘altcoins’ or ‘alts’ is the term used for all crypto-coins except bitcoin.

Ether Still in Range

Despite being up 5.25% today and 17 % since our last update, ether is still in a trading range (vs BTC) on the daily charts. Against the U.S. Dollar, ether peaked above the $400 round figure earlier today and is nearing its all-time high at $415 dollars.

As you can see on the chart below, ETH/BTC hasn’t broken the two important swing points at 0.03712 on the downside and 0.05545 BTC on the upside.

ethbtcdaily-nov23-copy

No clear trend can emerge until one of these levels is decisively broken. Below 0.05545 we find two weaker resistance levels at the 0.05 round figure followed by last week’s high at 0.0541. On the longer-term charts we have a downtrend on the weekly but uptrend on the monthlies.

Dash Gains 31 Percent

Dash is up over 31 percent versus bitcoin since last Thursday. Back then we traded at 0.05231 BTC while now DSH/BTC is seen quoted at 0.06834 BTC.

To end the current rally the bears will have to push the pair below the 0.05 round figure. Support above here can be found at the 0.0515 swing low, followed by the former highs at 0.05402 and 0.0562 BTC and the 0.06 round figure.

dshbtcdaily-nov23-copy

We have weak resistance levels above current prices at 0.07 followed by today’s high at 0.07201 BTC. Further up stronger resistance can be seen at 0.07367, 0.07977 BTC and the 0.08 round figure. This month’s spike high at 0.08572 BTC is another potential resistance level. You can see more notable levels on the chart above. On the longer-term charts, DSH/BTC is range-bound on the weekly but bullish on the monthlies.

Bitcoin Down Slightly

Bitcoin prices are trading a bit lower compared to our last update. We are trading at $8,125 dollars per coin right now, down from $8,320 on Tuesday.

The uptrend is still in place, however. To end it the bears will have to push BTC/USD below the $6,291 swing low. A break below this month’s low at $5,426 dollars would start a new BTC downtrend. On the longer-term weekly and monthly charts, bitcoin is in rally mode as well.

FXOpen – Online broker for cryptocurrency trading.

Petar Kotevski

Petar is a forex trader and writer with 9 years of experience in financial markets. He has been following bitcoin since 2010. A year ago, as the BTC market matured, he started getting more involved by writing articles on bitcoin and other alternative currencies.

More Posts

By with No Comments 2

Related Posts

No posts were found for display