Darkcoin Price Technical Analysis for 2/3/2015 – Dark Bulls

Darkcoin price continued climbing today to record a high of 0.01320 BTC earlier today. It seems that DRK price will continue rising to test the 78.6% Fibonacci retracement level at 0.013892 BTC during the next 24 hours or so.

By examining 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:

• As darkcoin price continues to rise, we can detect the features of the current bullish trend that has been probably ignited by the rise in bitcoin price. As shown on the 1 hour charts, the price rises during bouts that last for a few hours followed by a downwards price correction wave.
• The trading volume has started rising during the past 3 trading sessions and if that continues, we can see darkcoin price test the 0.013892 BTC level within the next 24 hours.
• We can now notice a new uptrend as shown by the 2 black trend lines on the below chart. This bullish trend is likely to continue especially that the price is continuing to be above the 20 hour and 50 hour EMAs.

By studying the 1 day Cryptsy (DRK/BTC) charts and plotting the On-Balance Volume (OBV) oscillator, we can notice the following:

• The OBV is now sloping in an upwards direction so the bullish wave is likely to continue pushing the price to even higher levels, especially that the OBV is reflecting the strength of the buying volume of the market at the moment.
• The price continues to score higher highs every day which confirms the upward direction of the current trend. We can see the price rise to test the 78.6% Fibonacci retracement level during the next 24 hours.

Conclusion:

Darkcoin price continued rising yesterday and earlier today. Our technical analysis is in favor of continuation of the new uptrend so that we can see the 0.013892 BTC resistance level tested within 24 hours or so.

Charts from Cryptsy