PPC/BTC Technical Analysis – 7th May 2014

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 continues to traverse a meandering path, as it seeks a definitive direction, which given recent technicals, shall probably not be established this week.

Last week I posted the following PPC/BTC four hour chart below:

Where I mentioned, "Right now price is hovering around the 61.8% Fibonacci retracement level at 0.0048. I doubt 61.8% can hold, even if 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 has turned green, due to the bear momentum exuding from all the other indicators." Even though 61.8% at 0.0048 didn't hold, I'm rather surprised that since then, price still hasn't managed to hit the 76.8% Fibonacci retracement level at 0.00470, as can be observed via the current H4 chart below:

Look at the Stochastic Oscillator, how it's been on a smooth southern trajectory over the course of the past two days - but right now it's approaching oversold territory, alerting us to a potential pause in the (weak) bears. We also have conflicting signals from the Bill Williams' indicators of the Accelerator and Awesome Oscillators.

I can't see much movement for the rest of the day, perhaps a testing of the 78.6% Fib level at 0.00470.