Peercoin vs Bitcoin continues to fall and fall… and fall and fall.
Today I’m going to suggest something radical may indeed happen on PPC/BTC….
It’s going to fall.
So, on that incredible groundbreaking suggestion, let’s take a closer look at the current PPC/BTC chart on the H4 timeframe:
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I’ve performed the Fibonacci study from the high of the month (1st of April) at 0.00438, until the month’s low, (within the past hour) at 0.00393.
We can see how over the past week, there’s been a clear downtrend with barely any pullbacks; this is reflected by the middle Bollinger line’s trajectory – which has been a smooth downward motion for the past seven days.
What’s interesting is, whatever timeframe you look at, Peercoin vs Bitcoin is on the way down. This rarely happens, but when it does, it means one thing – the bears are extremely strong, and generally speaking, only a huge support zone or a crazy piece of news is going to bring a halt to such a procession.
We may see a small retrace to the 23.6% Fib over the next few hours, but that is all it’s likely to be, a minor pullback.