Darkcoin price ranged between 0.01185 BTC and 0.01108 BTC throughout yesterday’s trading sessions. However, the price dropped today to reach a low of 0.01088 BTC before rising again to 0.01121 BTC at the time of writing of this analysis.
By studying the 1 hour Cryptsy (DRK/BTC) chart from bitcoinwisdom.com, plotting the 10 hour EMA (green curve) and the 20 hour EMA (orange curve) and calculating the MACD indicator (look at the below chart), we can conclude the following:
- DRK price reached a high of 0.01185 BTC today and a low of around 0.01087.
- DRK price continued to trade between the 62% and 50% Fibonacci retracement fan levels.
- Yesterday’s trading pattern led to formation of “bearish gaping” at two incidents i.e. the opening price of a candlestick is lower than the closing price of the previous candlestick (look at the blue arrows on the below chart). Accordingly, if the 0.010844 BTC level is tested today, the strong selling power of the market can pull the price down to break through this support level.
- Darkcoin price was trading below the 10 hour EMA and 20 hour EMA during most of yesterday’s and today’s trading sessions, so we can see the price test the 0.010844 BTC level soon.
- The MACD value is in the negative territory. Although the value of MACD on 1 hourly charts are usually non-significant, it is also pointing to the fact that the market’s bears have the upper hand at the moment.
Conclusion:
Darkcoin price dropped to reach a low of around 0.01087 today. Our technical analysis predicts further price drop to test the 50% Fibonacci retracement level again.
Charts from Cryptsy
