Peercoin vs Bitcoin is adhering to a clear trendline.
Lets take a look at the hourly chart (click to expand).
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We can see that on the 13th of February, price reached 0.00677 (circled in yellow). Since then it’s been heading downwards, testing the white trendline on no less than TEN occassions. This may tell us price will not be heading north any time soon.
However, we’ll also notice that there’s a pretty strong horizontal support not too far below (red line).
Sometimes such a couple of pieces of simple information, in this case a clear trendline and a clear resistance level can be a very powerful piece of information combined.
It’s clear that something has to give within the next few hours…
Analysis provided by Ashton Fraser, learn more about his trading strategies at Forex Reversal.