Darkcoin price dropped yesterday to print a low of around 0.01180 BTC yesterday, yet it resumed rising again after touching the 62% Fibonacci retracement level we plotted during earlier analysis to rise again above the new uptrend lines we detected on Monday’s analysis. DRK price reached a high of around 0.01335 BTC at the time of writing of this article.
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:
- Darkcoin price dropped yesterday right after touching the new trend line we spotted during the past couple of days (the top black trend line on the below chart) and printing a high of 0.01347 BTC to reach a low of around 0.01180 BTC.
- The 62% Fibonacci retracement level at 0.012102 BTC supported the price well and reversed the downtrend so DRK price started rising again to around 0.01335 BTC at the time of writing of this article.
- The price started dropping after it fell below the 10 and 20 period EMAs. Also, darkcoin price started rising later yesterday after it rose above the 10 and 20 period EMAs, so we expect the price to continue rising especially that is still above both moving averages.
Let’s take a look at the 1 day Cryptsy (DRK/BTC) chart from bitcoinwisdom.com and plot the On-Balance Volume (OBV) oscillator (l0ok at the below chart), we can notice that the OBV is sloping in an upwards direction, so the buying volume of the market is rising and can help push the price upwards to test the 78.6% Fibonacci retracement level at 0.013892 BTC within the next 48 hours.
Conclusion:
Darkcoin price dropped yesterday, yet it resumed rising earlier today. Our technical analysis predicts continuation of the bullish trend to push the price to test the 0.013892 BTC resistance level within the next 48 hours.
Charts from Cryptsy