Analysis provided by Ashton Fraser, learn more about his trading strategies with the forex reversal indicator.
Peercoin finally breaks free from the 23.6% shackles imposed upon it, as predicted yesterday, at least for the time being, as very recent technicals give indication to further gravitation around 2.68.
Let’s take a closer look at the PPC/USD chart on H4 (click below to expand):
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I’ve performed the Fibonacci study from the high of last week at 2.930, until the low of 2014 at just above 2.6, just as yesterday.
I mentioned in yesterday’s analysis on Peercoin that, “I doubt it will be long before a closure above 23.6% finally occurs… with a possible rise to the 38.2% Fib level later this week.”
The funny thing is, after I had finished that technical analysis, within the very next candle, Peercoin rose swiftly, breaking 23.6% with ease. Indeed, not only did Peercoin manage to break 23.6%, it actually retraced till the 38.2% Fib level at 2.73.
Since then, price has been hugging the 38.2% line, but given the fact that the Accelerator Oscillator and Awesome Oscillator are now red, along with the Stochastics crossing down, we could see a return to 23.6% within the next few candles.
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