Peercoin vs Bitcoin drops to a key Fibonacci level at 0.00475, as the bears take hold, due to certain technicals mentioned before.
We need to revisit our previous analysis to attain a clear understanding of what happened. I’m posting the chart from my last PPC/BTC analysis on the 22nd of April below (click to expand):
Where I mentioned, “The squeeze must come to an end. I’m going to stick out my neck and say this – the 38.2% Fib’s support won’t last for the next 48 hours, (like it has for the previous 48 hours), and we’re going to be seeing price break below 0.0053, to test the 50% line later this week. I say this for a few reasons…” You can read those reasons here.
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Fast forward to today’s current PPC/BTC four hour chart below (click to expand):
Thus, as predicted, we can see how price managed to reach 50%, marked in blue, before pushing down once again, managing to break it to test 61.8% at 0.00475.
Right now I’m seeing conflicting technicals however, since we have the Accelerator and Awesome Oscillators as red, but the Stochastics are extremely oversold, so I’m not really leaning to a particular direction for now. We may well see continued consolidation over the weekend.