Bitcoin is up over 7% today on Bitstamp, taking price over $600. We’re still seeing support and resistance on the sloping lines I’ve been drawing for a while now. Heres a nice view of the latest chart showing last couple of weeks strong rally with 4 hour candles.
I suppose many people will be wondering what is fuelling this rally? Well I have to admit I’ve turned on my trading bot to pump up the market. I’m planning running it up over $4000 before collecting my gains!
Actually I think it might be a lot of pent up buying pressure from investors who’ve been waiting in the sidelines for the bull to finish. There have been several signals lately that bear phase is finished, like the break out from that wedge in log view for example. When bitcoin passed over $1000 a lot of serious traders will have started paying more attention, I’m guessing many will not have been inclined to buy into the top of a mania and have been waiting patiently, as I wish I had.
Theres huge upside potential in bitcoin I’m not really sure where resistance is going to transpire next. Maybe one of the round numbers like 700 or 800.
Looking at some other cryptos heres that Litecoin priced in bitcoin chart again. Green dotted arrow is showing what happened last time. Will it happen again? And if it does, will the huge green candle follow it again?
If this ratio drops down to 0.01 it will be very tempting to switch some bitcoin into litecoin.
I’ve never posted about Peercoin as far as I remember but I do look at it with interest from time to time. Proof of stake is an interesting innovation. One thing thats put me off is that I’m not sure I know enough about it though, eg how the quantity is regulated, probably I just need to do some more research to understand it better. Peercoin had a nice rally a while back but now is dropping quite fast. The ratio with bitcoin looks like this.
As with many crypto there was a huge spike during the last bitcoin bubble where various alt coins suddenly shot up even more than bitcoin (in percentage terms). At the moment the ratio is back down to levels which correspond to previous lows. I wonder if peercoin is due a rally.
Heres the alt-coin which has really grabbed my attention recently. I mention Darkcoin of course, which has been mentioned a lot in various media and is rising very rapidly in price. This coin promises to fill in the piece which bitcoin lacks, anonymity.
I don’t have access to Darkcoin on Trading View but bitcoin wisdom shows DarkCoin data from the MintPal exhchange.
Unlike most other crypto which are losing ground against the resurgent bitcoin. Here is a chart showing the rise of DarkCoin versus Bitcoin.
After peaking at about 0.027 problems in the network caused a fork in the Darkcoin blockchain and price fell to about half that. As far as I understand those problems are behind now and price is recovering. If darkcoin full fills its potential I think it could rival bitcoin. Certainly the Dark Send anonymous payment mechanism is a huge thing in its favour.