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Darkcoin price rose up earlier today to a high of 0.01232 BTC. This increase in price followed bitcoin’s bullish rally which we noticed earlier today. Although the price rose above 62% Fibonacci retracement level, it dropped again below it an hour or so later.
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:
- DRK price increased above the 10 hour and 20 hour EMAs right before the market’s buying power pushed the price up to break the resistance at the 62% Fibonacci retracement level (0.012102 BTC).
- Darkcoin price dropped to 0.01143 BTC shortly after breaking out of the resistance level we noted, but as we can notice now that price rose up again above the 10 hour and 20 hour EMAs, we can see it retest this resistance level again within the upcoming few hours.
By examining the 1 day Cryptsy (DRK/BTC) chart from bitcoinwisdom.com, plotting the 10 day EMA (green curve) and the 20 day EMA (orange curve) and plotting the MACD indicator accordingly (look at the below chart), we can conclude the following:
- Throughout the past 4 days, the 0.012102 resistance level has been tested thrice, yet DRK price failed to maintain above this level.
- The MACD indicator’s value has a positive sign at the moment, yet the red signal line has crossed above the blue MACD line, so we can’t expect a bullish wave soon.
- Today’s trading volume is higher than yesterday’s which is probably due to the buying pressure created by bitcoin price increase.
Conclusion:
Darkcoin price increased today to 0.01232 BTC right after bitcoin price rallied. Our technical analysis concluded that the 62% Fibonacci retracement level is resisting further advance.
Charts from Cryptsy
