PPC/USD Technical Analysis – 21st April 2014

Peercoin's rise from the abyss is something to admire, reaching a month high of 3.25, with stability now taking hold, although the bears are beginning to encircle once again.

Let's take a closer look at the latest PPC/USD four hour chart.

We can see how price rose from 1.28 till 3.25, it's value increasing more than 150% in a little over a week. So it's of no surprise that I've performed today's Fibonacci study using these two points. Despite Peercoin's rapid hike, there was a fall, down to the 50% mark at 2.26, marked in blue, however that's as low as it's been, which given Peercoin's terrible record over the past weeks and months, isn't rather too bad.

Since then, we've seen price fluctuate between two Fibonacci retracement levels, namely the 23.6% at 2.78 and the 38.2% at 2.5, as can be seen via the white rectangle I've drawn. And there are reasons to believe this will continue. Firstly, the Bollinger Bands are also now developing into horizontal lines, further signifying indecision, as consolidation comes into place, and secondly, even though the Stochastics are heading down, we actually have 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 and Awesome Oscillator as green.

Thus, I am very confident that in the short term. price is going to touch 38.2% again (at 2.5), before bouncing back up some pips. For the long term however, we could see the bears take control once again.