Weekly Altcoin Price Analysis: Cryptocurrencies Dancing
Weekly Altcoin Price Analysis by Frederic Racine on December 6, 2015.
Last week the Litecoin price chart has painted a triangle between the levels of $3.50 and $3.20. As it has entered this triangle from above – the exit most probably will appear from below.
Besides, the LTC/BTC pair has considerably given up its exchange rate positions in a week from the level of 0.097 to 0.091. China is the driver for Litecoin price, therefore for us, it is important to look and at the Chinese exchanges. Near the level of 21.5 yuans (approximately $3.2) we can observe a high concentration of orders from traders. If this level is passed with the movement down, there will be a chain reaction of orders and Litecoin will fall sharply and deeply. However, a slow falling of Litecoin is also possible. Only a sharp growth of Bitcoin to $420 or manipulations in the Litecoin market can cancel both scenarios of falling.
DASH price was falling since the beginning of last week, and reached a local bottom at the level of 0.056 in the middle of the week. However, it started to move up to reach 0.068.
Now DASH is in a correction stage. Any noticeable movements are not expected here — as miners don't want to get rid of DASH while we are near a price bottom. On the other hand, Bitcoin grew all last week long and that puts the lowering pressure upon DASH (many miners of DASH prefer to receive more fiat money right now). The falling of Bitcoin price or a stop of its growth will give a new impulse for Dash to grow. Thus, changes of a trend can be considered possible. Traders can buy DASH at the new level and higher bottom, after the completion of price correction, which will be observed soon.
Dogecoin price was falling all last week long, from 37 to 32 Satoshi, and having fixed its price between levels of 34-35 Satoshi. It seems that the downtrend will proceed this week as well. For us good scenarios will be if Dogecoin sets on the level of 32 Satoshi (where we can place buy orders) or even a continuation of downtrend below 30 Satoshi.
ETH was falling during all the week, thus there were no sharp falling as traders fixed their profit from time to time. Each new top is lower than previous one, and it doesn't speak well for placing buy orders. On the other hand, after a sharp falling, ETH always comes back to former levels or above, and gives enough chances for traders to close orders with profit. Therefore, the placement of low orders is justified. The bottom still remains the same — 0.014-0.018
Peercoin was dancing around $0.40 all week long, as the pole dancer beauty on pylon. Still there are favorable orders lower than $0.40, and here it is necessary to wait a little before placing sales orders, as price growth from this level seems to be planed.