PPC/BTC Technical Analysis – 6th March 2014

Analysis provided by Ashton Fraser, learn more about his Forex Reversals trading strategies.

Peercoin vs Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term's price has been steady falling since a number of weeks, but recently some bulls have put a stop to the persistent slump, although it remains to be seen for how long. how price was reacting within a triangle, which had to give way, and the fact that it fell was of no surprise given that's been the general movement of the pair longer term.

Let's take a closer look at PPC/BTC on the H4 chart (click to expand):

As can be seen by way of the orange arrow I've drawn, price fell rather rapidly from the end of February until the 4th of March, this is indicated by the virtually uninterrupted Awesome Oscillator.

However, take a look at the blue ellipse I've highlighted. Many of the technical indicators were telling us that price could begin a reversal, since the Stochastics were oversold and had crossed upwards, the Accelerator Accelerator An accelerator or startup accelerator is defined as fixed-term programs that look to foster investment, connections, sales, and education to kindle growth in a project.Most commonly this effort constitutes a public pitch event, demos, and other forms of marketing. Startup accelerators are most commonly associated with Silicon Valley, a global hub for investing and fintech.Startup accelerators however are a global phenomenon that privately funded as an investment fund. This nature of investing he An accelerator or startup accelerator is defined as fixed-term programs that look to foster investment, connections, sales, and education to kindle growth in a project.Most commonly this effort constitutes a public pitch event, demos, and other forms of marketing. Startup accelerators are most commonly associated with Silicon Valley, a global hub for investing and fintech.Startup accelerators however are a global phenomenon that privately funded as an investment fund. This nature of investing he Read this Term Oscillator had turned green, as had the Awesome Oscillator. In fact, the AC had been green now for a few candles, and the candle immediately preceding the one ellipsed in blue was a doji bar, further strengthening the case for a reversal.

Eventually, price did hike, up till the 38.2% Fibonacci retracement level, barely touching it before coming back down to the 23.6% Fib level, where's it's been pretty much resting ever since.

Zooming into the hourly chart, we can see this magnet of a level in further detail, for the past 48 hours (marked in white):

Right now there's nothing in the technicals I'm seeing right now that tells me the status quo won't continue for the time being.