PPC/BTC Technical Analysis – 7th May 2014

Peercoin vs Bitcoin continues to traverse a meandering path, as it seeks a definitive direction, which given recent technicals, shall

Peercoin vs Bitcoin 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:

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ppcbtch4_02_05_2014

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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 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:

ppcbtc_h4_07_05_2014

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.

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