PPC/BTC Technical Analysis – 8th May 2014
From a longer timeframe perspective, Peercoin vs Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term continues to hover around the last major Fibonacci zone of support, yet if we zoom into a lower timeframe such as the fifteen minute, we can see it's been more than merely a random levitation.
During my analysis yesterday, I mentioned how the bears were about to hit a wall, eventually to be faded out my the 78.6% Fibonacci retracement level. Observe the current PPC/BTC H4 chart below (click to expand):
I explained, "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 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 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." It's pretty obvious that 78.6% has halted the bears, but as I stated at the very top, the M15 timeframe gives us some more information.
Check out the PPC/BTC M15 chart below (click to expand):
Performing the Fibonacci study from the swing high at 0.0049 until the swing low at 0.0047, it's amazing to see how Fibs still play a vital role, even in such miniscule movements and ranges. Look at how price retraced to the 38.2% Fib level to the very pip at 0.00477, before dropping back down and then again testing the 23.6% Fib level on a couple of occasions at 0.00474. Of course, it' very hard to trade on such a timeframe, especially on such a pair, but this is to illustrate the point that classic technicals are a useful tool in almost any scenario.
From a longer timeframe perspective, Peercoin vs Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term continues to hover around the last major Fibonacci zone of support, yet if we zoom into a lower timeframe such as the fifteen minute, we can see it's been more than merely a random levitation.
During my analysis yesterday, I mentioned how the bears were about to hit a wall, eventually to be faded out my the 78.6% Fibonacci retracement level. Observe the current PPC/BTC H4 chart below (click to expand):
I explained, "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 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 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." It's pretty obvious that 78.6% has halted the bears, but as I stated at the very top, the M15 timeframe gives us some more information.
Check out the PPC/BTC M15 chart below (click to expand):
Performing the Fibonacci study from the swing high at 0.0049 until the swing low at 0.0047, it's amazing to see how Fibs still play a vital role, even in such miniscule movements and ranges. Look at how price retraced to the 38.2% Fib level to the very pip at 0.00477, before dropping back down and then again testing the 23.6% Fib level on a couple of occasions at 0.00474. Of course, it' very hard to trade on such a timeframe, especially on such a pair, but this is to illustrate the point that classic technicals are a useful tool in almost any scenario.