Darkcoin Price Technical Analysis for 23/03/2015 – Bullish Continuation

By March 23, 2015Bitcoin Business
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Darkcoin price finally made an upside break from its descending triangle consolidation pattern, indicating a pickup in bullish momentum. This suggests that the cryptocurrency price could continue gaining against bitcoin in the long run.

  • On the daily chart of DRK/BTC from Cryptsy, darkcoin price surged past the triangle resistance around 0.0120 and zoomed past the previous highs around 0.0161.
  • Price is retreating close to the previous highs, which might act as support in the current uptrend.
  • Short-term moving average crossed up the longer-term moving average once more, confirming the potential for more gains.
  • RSI is still on middle ground but on its way up, indicating further upside for darkcoin price against bitcoin.
darkcoin price, darkcoin charts, darkcoin trading

A larger correction from the sharp rally could last until the broken triangle resistance near 0.0120-0.0130 or until the moving averages, which might hold as dynamic inflection points. A break below this area could lead to a move until the longer-term support at 0.0100 handle.

On the other hand, a move past the previous highs at 0.0185 could confirm that buyers are being aggressive and that they could push darkcoin price significantly higher in the coming days. Bear in mind though that profit-taking could take place close to the end of the month and quarter, which could lead cryptocurrency traders to exit their long positions and spark a quick selloff for darkcoin.

Conclusion

The upside break from the long-term descending triangle consolidation pattern for darkcoin price signifies a pickup in bullish momentum, which could allow the cryptocurrency to go for more gains. Technical indicators on the daily time frame support more upside for DRK/BTC, although price could still pull back to broken resistance levels and gather more buying pressure to sustain its uptrend.

Price is retreating close to the previous highs, which might act as support in […]

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