Bitcoin is trading mostly unchanged since our last update two days ago. Yesterday the cryptocurrency managed to snap its six day losing streak. But the small gains were erased during today’s trading session that saw BTC/USD retest $370. Prices are currently hovering just above this level at $374 for one coin.
What are some of the support/resistance levels to watch out for? On the bottom, the first weak support can be found at the September 29th swing low at $361. Right below this, we can find the $330-$350 support area. This was the stopping point for bitcoin’s fall in August and may prove to be hard nut to crack for the bears, at least on the first test. This is of course, barring any negative news shocks.
On the top end, the first weak resistance can be found at $390, followed by the round $400 mark. Higher up, the post-PayPal high near $450 ($446.04) will be a crucial milestone for BTC. If prices can manage to climb above this figure, it may signal an end to the losses, at least in the medium term.
Peercoin Hits New Lows Post-Nubits
Alternative cryptocurrency Peercoin hit new lows today, prices traded as low as $0.911. One Peercoin is currently selling for $0.92, a far cry from the $1.44 price right before the launch of Nubits. The launch of Nubits turned out to be a disappointment for Peercoin holders. Prices have now almost completely erased the gains that transpired in the week between the Nubits announcement and the actual launch of the new cryptocurrency. In that time period, Peercoin gained 150%, rallying from $0.80 to $2. In my article one week ago I outlined six reasons why the Nubits launch may be bearish for Peercoin, at least in the short term.
Namecoin Continues to Trade in Range
Namecoin continues to trade in a large 20 percent range between $1 and $1.20. In the past 24 hours prices traded as high as $1.12 early on Wednesday and as low as $1.02 last night. While a break on the low end is the more probably scenario, until prices actually take out the parity level, it would be best to sit on the sidelines. Here’s an updated 4 Hour chart of NMC/USD.