Daily Altcoin Price Analysis: Reaction Of Other Cryptocurrencies To Growth Of Bitcoin
Altcoin price analysis by Frederic Racine: Litecoin, DASH, Dogecoin, ETH, Peercoin, Neucoin.
Yesterday, in the middle of the day, traders reluctantly bought Litecoin at the price of $3.02. At once the price made a jump, reaching $3.16 and Litecoin didn't stop there. The price got higher by the evening.
By sunset Litecoin’s price was already at $3.32 and overnight traders were able to close transactions at a price of $3.44.
And then an ambiguous statement from the People’s Bank of China was released. The main financial institution of the country announced plans of releasing its own digital currency. This statement forced the course of Bitcoin to fly up. Litecoin followed Bitcoin, without having reacted independently in any way.
By morning, the price of Litecoin had returned to $3.32. However, it seems that it has more potential to repeat the test of $3.44. But if not? Further stops of the price are known: $3.20, $3, $2,80, $2.20...
DASH reacted to growth of Bitcoin in its own manner – no visible reaction. The level of 0.011 looks more and more strong. Correction is practically cancelled and there are no signs of it going lower to 0.01.
The alternative scenario however, could be a slow decrease to 0.01, then to 0.075 and below.
The People’s Bank of China told nothing about Dogecoin. And if it did, traders know nothing about it. The price already reached 38 Satoshi, thus trading volumes are rather high.
The continuing of the basic scenario is relevant: decrease until 35-26 Satoshi, when buyers can search for new levels to place buy orders.
The price of ETH continues to move in a correction from the previous top of 0.004. It pays no attention to what happens with Bitcoin. Though, the price also decreases, which is a good sign that ETH shows independent character. The next goals for the ETH price are 0.0033 and 0.0025.
Peercoin, interestingly, reacted to the sudden growth of Bitcoin. In some moments of the evening it gave traders the chance to close transactions with a price $0.42. But then the price started falling from this level and by this morning Peercoin had again reached the level of $0.40.
Purchases below this level remain favorable, and the rate of $0.42 is suitable for fixing of profit.
Neucoin is as steady as the deck of a pirate ship. With such a low volume of trades I will never believe it to be profitable to trade it in the range over $3 per 1000 Neucoin (at least, now). In this situation it is bad also that the active growth of Bitcoin didn't help Neucoin to change the direction or at least to stop the trend. Perhaps, the bottom will be found at the level of $1.50 - $1.80.