Darkcoin price plunged yesterday to print a low of around 0.009762 BTC earlier today on Cryptsy. This bearish dive pulled darkcoin price well below the 50% Fibonacci retracement level at 0.010844 BTC, yet the following hours pushed the price upwards as now darkcoin is trading around 0.01066 BTC at the time of writing of this analysis. The fall in darkcoin price goes along the price drops of other altoins, such as dogecoin, in the face of the rising price of bitcoin.
By studying the 1 hour Cryptsy (DRK/BTC) chart from bitcoinwisdom.com and plotting the 10 hour EMA (green curve) and the 20 hour EMA (orange curve) (look at the below chart), we can conclude the following:
- The bearish wave started during yesterday’s last trading session when DRK price fell below the 10 and 20 hour EMAs right before the price started to drop. The price is now almost above the 10 hour EMA and we need to see it exceed the 20 hour EMA before we can see an even slight rise in darkcoin price.
- The long downwards shadows of the candlesticks on the 1 hour charts reflect the resistance of the 50% Fibonacci retracement level, especially that darkcoin price is now trading sideways just below this level.
By studying the 1 day Cryptsy (DRK/BTC) chart from bitcoinwisdom.com and plotting the 10 day EMA (green curve) and the 20 day EMA (orange curve) and calculating the MACD indicator (look at the below chart), we can conclude the following:
- DRK price is now trading between the 50% and 38% Fibonacci retracement levels, yet the long downwards shadow of today’s candlestick denotes that the price will likely rise above the 50% retracement level.
- The MACD indicator is in the positive territory but it doesn’t shown any bullish signals.
Darkcoin price dropped to print a low of 0.009762 BTC earlier today. Our technical analysis predicts darkcoin price to rise within the next 24 hours above the 0.010844 BTC support level.
Charts from cryptsy