Cryptocurrencies reversed almost all of the gains made in the previous couple of days. Bitcoin is currently trading at $217 per coin, a far cry from the $300 round figure it hit just three days ago. Litecoin is trading 25 percent off its high at $2.40 and Namecoin is quoted at $0.46, almost 20 cents lower compared to it’s price on Monday. In our article last week we hinted that the current rally may be unsustainable. On Tuesday we cautioned our readers again: ”While the initial move above $266 was bullish, the massive rollback means that bitcoin is now back into uncharted territory. To resume the rally, BTC/USD will need to climb above $303 per coin.”
Namecoin Reversed All Gains
Alternative cryptocurrency Namecoin reversed all of the gains from the preceding rally. Prices hit a high of $0.653 on Monday but by mid-day on Thursday we were trading back down to $0.462 per coin. The significant move up followed by a complete rollback leaves us with no clear direction going forward.
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